Ashford is currently in negotiations to sell the officestructure. It will invest $5.7 million to renovate the hotel in thethird quarter of the year. This was a cash transaction. Thepurchase of both properties equates to a trailing 12-month multipleof 7.6x and a yield of 13.2% in earnings before taxes, depreciationand amortization. Following the sale of the office property,Ashford expects to improve to a trailing 12-month EBTIDA multipleof below 6.5x and a yield of 15.5%.

The 12-month net income cap rate with inclusion of the officebuilding is 11%. After the building sells, it will be 13%.According to Ashford, the hotel property's annual revenues areapproximately $9 million. Remington Lodge & Hospitality willmanage the facility.

Calling the hotel "an attractive investment with a substantialinitial return, strong brand, and great location," Monty J.Bennett, Ashford's president and CEO, says, "This asset benefitsform diverse demand generators, including a popular drive to adestination theme park (Sesame Street Place), regional mall (OxfordValley Mall), hospital (Frankford Bucks), and surrounding businessparks."