Among
the noteworthy deals of the past week was Ashford Hospitality Trust’s sale of
the Courtyard Boston Downtown in Boston to an undisclosed seller for $123
million.
BOSTON —
Dallas-based REIT Ashford Hospitality Trust (AHT) has signed an agreement to
sell the 315-key Courtyard Boston Downtown in Massachusetts for $123 million
($390,500 per key). The sale is expected to be completed in January.
When
adjusted for AHT’s anticipated capital expenditures, the sale price represents
a 5.9% capitalization rate on net operating income for the trailing 12 months
through the third quarter of 2024, or 14.3x Hotel EBITDA for the same period.
AHT
President and CEO Stephen Zsigray said, “The sale will not only deleverage the
company’s BAML Highland Pool loan but also result in significant capital
expenditure savings.” He said the REIT continues to have several assets in the
market at various stages of the sales process.
To download
our list of deals from the past week in Excel format, click here.