News for the Hospitality Executive
.Ashford Hospitality Completes $135.5
Million Sale of the Hyatt Regency Montreal
and the Hyatt Dulles Airport; Contracts Placed on Two Other Hotels
DALLAS - June 18, 2008 - Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has completed the previously disclosed sales of the Hyatt Regency Montreal in Montreal, Quebec for $57.5 million and, the Hyatt Dulles Airport in Herndon, Virginia, for $78 million. For the Hyatt Regency Montreal, the sales price in U.S. dollars equates to approximately $95,000 per key, a 3.9% trailing 12-month NOI cap rate, and a 16.2x trailing 12-month EBITDA multiple. The Hyatt Dulles Airport sales price equates to $247,000 per key and a 7.5% trailing 12-month NOI cap rate, and a 11.4x trailing 12-month EBITDA multiple.
The Company also announced that it has contracts in place to sell two other assets: the Radisson Hotel in Rockland, Massachusetts, and the Sheraton Milford in Milford, Massachusetts, for a combined $20.9 million that equates to $70,000 per key and a 5.1% trailing 12 month cap rate, and a 17.5x trailing 12-month EBITDA multiple. Both contracts are expected to close in the third quarter, subject to customary closing conditions.
Commenting on the announcement, Monty Bennett, President and CEO, said, "We are particularly pleased to close these transactions in light of the challenging current market conditions. Year to date, we have closed or announced asset sales of $238 million. We continue to position the portfolio for long-term success and recycle capital from asset sales into debt paydown, mezzanine loans, share repurchase, and capital expenditure.”
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.
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.
|Also See:||Ashford Hospitality Trust Signs Agreement to Acquire the 316- room Hyatt Dulles in Herndon, VA, for $72.5 million from an Affiliate of Colony Capital, LLC / September 2005|
|The 654 room Hyatt Orange County Acquired by Ashford Hospitality Trust for $81 million in Cash / September 2004|