ashford hospitality prime
Ashford Prime to Acquire Florida’s Ritz-Carlton Sarasota for $171 Million or $643K per Room
Ashford Hospitality Prime | February 16, 2018
Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today announced that it has entered into a definitive agreement to acquire the 266-room Ritz-Carlton Sarasota in Sarasota, Florida (the "Ritz Sarasota" or the "Property") for $171 million ($643,000 per key). To fund the acquisition, the Company plans to use cash on its balance sheet as well as either drawing on its revolving credit line or securing a non-recourse mortgage loan on the property. As part of the transaction, the seller has agreed to provide a $5.5 million income guaranty to cover any decrease from 2017 hote...
Ashford Prime Completes Acquisition of Hotel Yountville for $96.5 Million
Ashford Hospitality Prime | May 12, 2017
DALLAS, May 12, 2017 -- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today that it has completed the acquisition of the 80-room Hotel Yountville in Yountville, California for $96.5 million ($1,200,000 per key), previously announced on March 1, 2017. Concurrent with the completion of the acquisition, the Company has financed the hotel with a $51.0 million non-recourse mortgage loan. This loan is interest only and provides for a floating interest rate of LIBOR + 2.55% with a five-year term. The property will be managed by Remington Lodging. The purchase price for the Hotel Yo...
Ashford Prime to Acquire Park Hyatt Beaver Creek Resort & Spa for $145.5 Million
Ashford Hospitality Prime | March 13, 2017
DALLAS, March 13, 2017 - Acquisition Highlights: Trophy asset located slope-side in the epicenter of the picturesque mountain resort village of Beaver Creek, Colorado Unique ski-in/ski-out access to one of the world's most celebrated ski destinations, Beaver Creek Mountain Revenue per available room (RevPAR) of $270.92 for the 12 months ended January 31, 2017 Property is in excellent physical condition with limited immediate capex needs Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today announced it has entered into a definitive agreement to acquire the 190-room Park Hyatt ...
Ashford Prime Enters Agreement to Acquire Hotel Yountville For $96.5 Million
March 2, 2017
DALLAS, March 2, 2017 -- Acquisition Highlights: Premier asset in Napa Valley, one of the strongest and most desirable lodging markets in the country with high barriers to entry and minimal new supply Revenue per available room (RevPAR) of $469.12 for the 12 months ended December 31, 2016 Property is in excellent physical condition Complimentary property to Ashford Prime's Bardessono Hotel and Spa in Yountville Operational synergies expected with Remington Lodging taking over property management Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today announced it has entered in...
Richard J. Stockton Appointed Chief Executive Officer of Ashford Hospitality Prime, Inc.
Ashford Hospitality Prime | November 4, 2016
DALLAS, Nov. 4, 2016 -- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today that its Board of Directors has appointed Richard J. Stockton as the Chief Executive Officer of the Company, effective November 14, 2016. Monty J. Bennett, the Company's previous Chief Executive Officer, remains Chairman of the Board of Ashford Prime. Mr. Stockton brings a wealth of real estate experience and accomplishments to Ashford Prime. He spent over 15 years at Morgan Stanley in real estate investment banking where he rose from an Associate to Managing Director and regional group head. Spe...
Ashford Prime Completes $84.5 Million Sale of Courtyard Seattle Downtown/Lake Union
July 5, 2016
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 por...
Ashford Prime Receives Unsolicited $735 million Buyout Offer from The Weisman Group
June 9, 2016
DALLAS, June 8, 2016-- Ashford Hospitality Prime, Inc., (NYSE: AHP) ("Ashford Prime" or the "Company") today confirmed that it has received an unsolicited proposal from The Weisman Group, an investment firm based in Sherman Oaks, California, to acquire the Company's assets. The Company's Board of Directors and management team are committed to acting in the best interest of all Ashford Prime stockholders. Consistent with its fiduciary responsibilities, Ashford Prime's Board of Directors, in consultation with its independent financial and legal advisors, will carefully review and evaluate The Weisman Group&...
Ashford Prime to Acquire Marriott-Owned Ritz-Carlton St. Thomas for $64 Million
November 25, 2015
DALLAS, Nov. 25, 2015 -- Acquisition Highlights: Premier resort in St. Thomas recently underwent comprehensive $22 million renovation supporting strong trailing 12-month RevPAR of over $430 with meaningful upside potential Resort is being acquired at a trailing 12-month NOI cap rate of 10% and a trailing 12-month EBITDA multiple of 7.2x Unmatched location on 30 fee simple, oceanfront acres along Great Bay Recognized as one of the leading hotels in the U.S. Virgin Islands in the 2015 edition of U.S. News & World Report's Best Hotel Rankings Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "...
