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