ASHFORD HOSPITALITY PRIME, INC. (NYSE:AHP-B) Files An 8-K Regulation FD DisclosureITEM 7.01 REGULATION FD DISCLOSURE.
On November 1, 2017, Ashford Hospitality Prime, Inc. ("Ashford Prime" or the “Company”) announced that it has closed on the sale of the 404-room Marriott Plano Legacy Town Center hotel (“Marriott Plano” or the “Hotel”) in Plano, Texas for $104 million ($257,000 per key). The sales price represents a year-end 2017 all-in cap rate of 7.7% on net operating income and a year-end 2017 11.1x all-in Hotel EBITDA multiple. The closing of the sale also completed a reverse 1031 exchange that was initiated to acquire the Hotel Yountville. A copy of the press release is attached hereto as Exhibit99.1 and is incorporated herein by reference.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit
Number Exhibit Description
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99.1 |
Press Release of the Company, dated November 1, 2017.
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Ashford Hospitality Prime, Inc. ExhibitEX-99.1 2 ahpplanosalepr.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1 NEWS RELEASEContact:Deric EubanksJordan JenningsJoe Calabrese Chief Financial OfficerInvestor RelationsFinancial Relations Board (972) 490-9600(972) 778-9487(212) 827-3772ASHFORD PRIME ANNOUNCES SALE OF MARRIOTT PLANO LEGACY Sales Price Equates to an All-In 7.7% Year-End 2017 NOI Cap RateSales Price Equates to an All-In 11.1x Year-End 2017 Hotel EBITDA MultipleReduces Company’s Leverage and Interest ExpenseDALLAS,…To view the full exhibit click here