DALLAS—Ashford Hospitality Prime Inc., the luxury-focused REIT spun off from Ashford Hospitality Trust in 2013, said Wednesday afternoon it had finalized its strategy for its non-core properties. The final pieces of the puzzle fell into place with an agreement with Marriott to convert its Courtyard San Francisco to an Autograph Collection property and the hiring of the Placenia Group to market its Renaissance Tampa for sale.
Earlier on Wednesday, Ashford Prime had finalized the sale of the Marriott Plano Legacy for $104 million. The buyer was not disclosed; the Dallas Morning News reported Wednesday that the 404-key hotel, near the Legacy Town Center and Legacy West developments, was acquired by a Pennsylvania-based investment firm.
The sales price represents a year-end 2017 all-in cap rate of 7.7% on NOI and a year-end 2017 11.1x all-in hotel EBITDA multiple. The closing of the sale also completed a reverse 1031 exchange that was initiated to acquire the Hotel Yountville in California earlier this year.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
