Home Industry News Washington Holdings Buys Courtyard Seattle for $84.5MM

Washington Holdings Buys Courtyard Seattle for $84.5MM

Security Properties, Cigna Investment Management, Arbor Heights, Tigard, Portland Metro, Bull Mountain, Security Properties Residential

(EDITOR’S NOTE: Public records show that Washington Holdings was the buyer of the asset.)

DALLASJuly 5, 2016 — Ashford Hospitality Prime, Inc. (NYSE:  AHP) (“Ashford Prime” or the “Company”) announced today that it has completed its previously announced sale of the 250-room Courtyard Seattle Downtown/Lake Union for $84.5 million in cash ($338,000 per key).  The Company realized approximately $15 million in net proceeds from the disposition following the repayment of approximately $65 million of debt and other transaction costs.  The removal of this hotel with a trailing 12-month RevPAR of $157 from the Ashford Prime portfolio, which had a trailing 12-month RevPAR of $200, should increase the remaining portfolio RevPAR.  Additionally, the transaction is expected to improve the Company’s leverage ratio.

The Company also announced that since the commencement of its recently implemented stock repurchase program it has repurchased approximately 2.4 million shares for an aggregate value of $32.1 million.  This repurchase represents 8.4% of the Company’s outstanding common stock prior to the initiation of the share repurchase program.

“We are pleased to have completed the sale of the Courtyard Seattle at an attractive valuation for our shareholders,” said Douglas A. Kessler, Ashford Prime’s President.  “Additionally, we are making solid progress on the share repurchase program we announced as part of our strategic alternatives plan.  We will continue to focus our efforts on maximizing value for our shareholders.”

Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels located in resort and gateway markets.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford. 

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”