July 6, 2016
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.