DALLAS, May 23, 2016 (hospitalitybusinessnews.com) — Ashford Hospitality Prime, Inc. 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 approximately $16 million after debt repayment and transaction costs. The transaction is scheduled to close in the next sixty days, subject to certain closing conditions.