The buyers of record, all touted as local for their respective cities, are Coral Gables Downtown Hotel Ltd., which got a Holiday Inn-flagged, 168-room hotel in its homeport; Inn on the Square LLC, taking title to the 72-room Inn on the Square in Falmouth, MA; and 822 Realty Trust, picking up the 136-room Gull Wing Suites in South Yarmouth, MA. The closing spree has left two pending deals, both of which will close this year. Teams from CB Richard Ellis Inc. and Molinaro Koger brokered the deals.
Ashford execs weren't available to discuss the transactions prior to publication time. But in a press release, Monty J. Bennett, the REIT's president and CEO, says the upcoming sales are expected to generate $11 million--effectively taking the bottom line for the portfolio acquisition to $212.5 million. For previous story, click here. According to the REIT, the properties were sold at a 3.8% NOI capitalization on trailing 12-month net NOI and a 19.5x EBITDA multiple. As a result, it takes the portfolio's 12-month NOI cap to 11% and the trailing 12-month EBITDA yield to 13% for the core package.
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