144 Room Residence Inn in Salt Lake Metropolis, Utah to Be Offered for $19.2 Million

Ashford Hospitality Belief, Inc. (NYSE: AHT) right now introduced that it has signed a definitive settlement to promote the 144-room Residence Inn situated in Salt Lake Metropolis, Utah for $19.2 million. The sale is predicted to be accomplished in early March and is topic to regular closing circumstances. 

The Firm supplies no assurances that the sale might be accomplished on these phrases or in any respect. When adjusted for the Firm’s anticipated capital expenditures, the sale value represents a 4.6% capitalization fee on 2023 web working revenue, or 18.2x 2023 Lodge EBITDA. Excluding the anticipated capital spend, the sale value represents a 6.0% capitalization fee on 2023 web working revenue, or 14.0x 2023 Lodge EBITDA. The entire proceeds from the sale are anticipated for use to pay down debt.

“We’re happy to announce the signed settlement to promote the Residence Inn Salt Lake Metropolis at a really enticing cap fee,” commented Rob Hays, Ashford Belief’s President and Chief Govt Officer. “We proceed to have a number of property available in the market at varied phases of the gross sales course of and look ahead to offering extra updates within the coming weeks.”

Ashford Hospitality Belief is an actual property funding belief (REIT) centered on investing predominantly in higher upscale, full-service resorts.