ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Files An 8-K Regulation FD Disclosure
ITEM 7.01 REGULATION FD DISCLOSURE
or the Company) announced that it has completed the sale of the
495-room Crowne Plaza Ravinia in Atlanta, Georgia for $88.7
million ($179,000 per key). The sales price represents a trailing
12-month cap rate of 5.6% on net operating income and a trailing
15.3x EBITDA multiple.
$65.6 million that was paid off along with an additional $13.1
million of debt pay down used to release the asset from the loan
pool. After debt payoff and transaction costs, the net proceeds
were approximately $9 million. Based upon the prior 12-month
period, the Crowne Plaza achieved RevPAR of $84 with occupancy of
71% and Average Daily Rate of $119. A reconciliation of non-GAAP
financial measures is included in the financial table of the
press release.
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99.1
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Press Release of the Company, dated June 29, 2017,
furnished under Item 7.01. |
ASHFORD HOSPITALITY TRUST INC ExhibitEX-99.1 2 aht-atlantacpsalepr.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1NEWS RELEASEContact:Deric EubanksJordan JenningsJoe Calabrese Chief Financial OfficerInvestor RelationsFinancial Relations Board (972) 490-9600(972) 778-9487(212) 827-3772ASHFORD TRUST ANNOUNCES SALE OF CROWNE PLAZA RAVINIASale Equates to a 5.6% Trailing 12-month NOI Cap RateReduces Company’s Leverage and Interest ExpenseDALLAS,…To view the full exhibit click here About ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT)
Ashford Hospitality Trust, Inc. (Ashford), together with its subsidiaries, is an externally advised real estate investment trust (REIT). The Company operates through direct hotel investments segment. It is focused on investing in the hospitality industry with a focus on full-service upscale and upper-upscale hotels in the United States. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Its hotels are operated under the brands of Hilton, Hyatt, Marriott, Starwood and Intercontinental Hotels Group. The Company’s hotels portfolio is asset-managed by Ashford LLC. The Company is focused on direct hotel investments and it may invest in a range of lodging-related assets. Its investments may include direct hotel investments; mezzanine financing through origination or acquisition; first-lien mortgage financing through origination or acquisition, and sale-leaseback transactions.
