Monty J. Bennett, president and CEO of the Dallas-based Ashford,says the portfolio is "an unparalleled investment opportunity andtransformational event for Ashford." The news rolled out at the endof the day so dealmakers weren't available to discuss theculmination of a plan put into play in January.
The deal points, though, are clearly outlined in Ashford's pressrelease. The 24 full-service, upper-upscale hotels, totaling 8,069rooms, sold for $215,000 per key while the 27 premiumselect-service assets, with 5,571 rooms, brought $125,000 per key.The projected forward 12-month NOI cap rate is about 7.6% andestimated forward EBITDA yield is 9%.
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