News for the Hospitality Executive
Ashford Hospitality Selling the Hyatt Regency Montreal
in Montreal, Quebec
to Pandox for 58.3 million U.S., Approximately $96,363 per Key
DALLAS - May 16, 2008 - 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.
Hyatt Regency Montreal
Montreal, Quebec, Canada
Through 2008, the Company has sold or put under firm contract $217.4 million as part of its capital recycling strategy.
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. Additional information can be found on the Company's web site at www.ahtreit.com.
Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 45 hotels with a total of around 10,800 rooms located in Sweden, Denmark, Germany, Belgium, the Bahamas, the UK, Switzerland and Canada. Pandox hotels operate under well known brands such as Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite, Clarion, Quality, First, Hyatt and independent distribution channels.
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Ashford Hospitality Trust, Inc.
Corporate Communications, Inc.
|Also See:||CNL Hospitality Properties, Inc. Acquires Wyndham Montreal, Re-flags Property as Hyatt Regency / December 2003|
|Seven Pandox-owned Hotels Change Brand / Jan 2002|