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Ashford Hospitality Announces $75 Million of Asset Sales |
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Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has completed the previously disclosed sale of the Residence Inn Kansas City in Kansas City, Missouri, for $7.0 million and now has a firm contract in place to sell the JW Marriott New Orleans in New Orleans, Louisiana, for $67.5 million in cash and assumed debt. |
The sale of the JW Marriott New Orleans is expected to close by year end, subject to customary closing conditions and the assumption of the existing mortgage indebtedness. The price equates to $137,000 per key, a 2.9% trailing 12-month NOI cap rate, and a 20.9x trailing 12-month EBITDA multiple. As part of the sale, the buyer will assume an approximate $43.9 million first mortgage at an 8.08% interest rate.
Since September 30, 2007, the Company has closed on $93.5 million of asset sales and has been able to pay down, after taking into account debt prepayment requirements, $100.1 million of debt. The Company has one additional asset under firm contract, the Marriott BWI Airport in Baltimore, Maryland, which is expected to close in the fourth quarter subject to customary closing conditions. Assuming all announced sales close, the Company will have sold $222.5 million in the fourth quarter and $379.8 million in 2007.
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.
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