July 6, 2016 Comments Off on Ashford Prime Completes $84M Courtyard Seattle Sale Views: 545 California News, Dallas-Fort Worth, National News, Southwest, Texas News, Washington, West

Ashford Prime Completes $84M Courtyard Seattle Sale

Ashford Hospitality Prime has closed on the sale of the 250-key Courtyard Seattle Downtown/Lake Union. The Dallas-based REIT acquired $84.5 million, of which $15 million represented net proceeds. The remainder represented an allocated debt balance of approximately $65 million. The buyer was undisclosed.

According to Ashford Prime, the hotel at 925 Westlake Ave. North had a trailing 12-month RevPAR of $157, below the REIT’s portfolio RevPAR of $200. It was also indicated that the transaction should improve the company’s leverage ratio.

A previous announcement noted that the purchase price traded on a trailing 12-month cap rate of 6.7%, and that the hotel had an occupancy of 80% and an ADR of $196.

Read More at PR Newswire

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