Ashford Prime Completes Acquisition Of Ritz-Carlton Sarasota For $171 Million
April 04 2018 - 4:15PM
PR Newswire (US)
DALLAS, April 4, 2018 /PRNewswire/ -- Ashford
Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today
that it has completed the acquisition of the 266-room Ritz-Carlton
Sarasota in Sarasota, Florida for
$171 million ($643,000 per key), previously announced on
February 16, 2018. The Company
also closed on the acquisition of a 22-acre plot of vacant land for
$9.7 million that is currently
entitled for residential development adjacent to the golf
course. Concurrent with the completion of the acquisition,
the Company has financed the hotel with a $100 million non-recourse mortgage loan.
This loan provides for a floating interest rate of LIBOR + 2.65%
with a five-year term and is interest only for the first two years
and then amortizes 1% annually for the remaining term of the
loan. The property will continue to be operated as a
Ritz-Carlton under a management agreement with
Ritz-Carlton.
Ashford Hospitality Prime is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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SOURCE Ashford Hospitality Prime, Inc.
Copyright 2018 PR Newswire
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