Ashford Prime to Sell Courtyard Seattle Downtown for $84.5 million, or $338,000 per key

Ashford Hospitality Prime | May 23, 2016

DALLAS, May 23, 2016 -- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today that it has entered into a definitive agreement to sell the 250-room Courtyard Seattle Downtown for $84.5 million in cash ($338,000 per key). The purchase price represents a trailing 12-month cap rate of 6.7% on net operating income. On a trailing 12-month basis, the property achieved RevPAR of $157, with occupancy of 80% and Average Daily Rate of $196. The hotel has an existing allocated debt balance of approximately $65 million, and the Company expects the net proceeds from the disposition to be ap...