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Ashford Trust to Divest Boston Courtyard for $123 Million

by Hotel Magazine
December 5, 2024
in News
Reading Time: 1 min read
A A

Ashford Hospitality Trust Inc. has officially signed a definitive agreement to sell the 315-room Courtyard Boston Downtown for an impressive $123 million, translating to approximately $390,500 per room. The transaction is anticipated to close in January, pending standard closing conditions. However, the company has stated that it cannot guarantee the completion of the sale under these terms or at all.

When factoring in the company’s expected capital expenditures, this sale price reflects a capitalization rate of 5.9% on net operating income for the trailing 12 months ending September 30. This corresponds to a multiple of 14.3 times the hotel’s EBITDA during the same period. Excluding the expected capital outlay, the sale price implies a 6.9% capitalization rate on net operating income, equating to 12.3 times hotel EBITDA for the last 12 months up to September 30.

“We are pleased to announce the signed agreement to sell the Courtyard Boston Downtown at a very attractive cap rate,” said Stephen Zsigray, Ashford Trust’s president and CEO. “This sale will not only deleverage our BAML Highland Pool loan, but will also result in significant capital expenditure savings. We continue to have several assets in the market at various stages of the sales process and are encouraged by the improved sentiment we are seeing in the transaction market.”

The decision to sell underscores Ashford’s strategy to optimize its asset portfolio and strengthen its financial standing. The ongoing uplifting market sentiment towards transactions presents a promising outlook for the company as it navigates the sales of multiple estates.

For further information, please visit our Source .

Tags: AshfordBostonCourtyardDivestMillionTrust
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