Ashford Trust Sells Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 Million

Ashford Hospitality Trust | June 30, 2017

DALLAS, June 30, 2017 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today 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. The hotel had an existing allocated debt balance of approximately $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 pro...