Ashford Hospitality to Sell Hyatt Montreal for $58.3 Million (Canada)
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Ashford Hospitality to Sell Hyatt Montreal for $58.3 Million (Canada)
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Category: North America & West Indies / Carribean islands - Canada - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2008-05-16
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has agreed to sell the Hyatt Regency Montreal in Montreal, Quebec to Pandox for $58.5 million CDN ($58.3 million U.S. based on yesterday's conversion rate). The transaction, which is under firm contract, is expected to close by the end of the second quarter of 2008, subject to customary closing conditions. The purchase price in U.S. dollars equates to approximately $96,363 per key, a 3.6%
trailing 12-month NOI cap rate, and a 17.2x trailing 12-month EBITDA multiple. The Hyatt Montreal is the only hotel owned by Ashford outside the United States.
Through 2008, the Company has sold or put under firm contract $217.4 million as part of its capital recycling strategy.
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