May 24, 2016
Ashford Hospitality Prime has struck a definitive agreement to sell the 250-key Courtyard Seattle Downtown. The $84.5 million transaction is anticipated to close in the next 60 days. The name of the potential buyer was undisclosed.
The sales price of the Seattle asset at 612 2nd Ave. represents a trailing 12-month cap rate of 6.7% on net operating income. On a trailing 12-month basis, the property achieved RevPAR of $157, with occupancy of 80% and Average Daily Rate of $196.
According to REIT CEO Monty J. Bennett, the pending sale is part of an initiative to dispose of hospitality assets with RevPAR inconsistent with Ashford Prime’s goals. Additional hotels being marketed from the Ashford Prime portfolio include the Courtyard Philadelphia Downtown, Renaissance Tampa Hotel, and Marriott Legacy Center Hotel in Plano, TX.