Ashford Closes $23M Deal for Sea Turtle Inn

JACKSONVILLE, FL-Dallas-based Ashford Hospitality Trust Inc. has closed on the trophy Sea Turtle Inn, the only full-service hotel in the Atlantic/Jacksonville Beach markets.

The Texas REIT paid Huron Jacksonville LP $6.3 million in cash; about 106,675 operating partnership units valued at nearly $1.1 million, or $10.08 per unit; and the assumption of about $15.7 million in debt. Ashford president and CEO Monty J. Bennett says the debt load equated to a 10.1x trailing 12-month EBITDA multiple.

“After a very busy first quarter of direct hotel and mezzanine investments, we are pleased to begin the second quarter with the closing of the Sea Turtle acquisition,” Bennett says. “Coupled with the expected closing of the SpringHill Suites-BWI Airport and the Sheraton Bucks County acquisitions later this quarter, this transaction expands our current portfolio to 19 hotels totaling 3,104 rooms.”