ATLANTA—Ashford Hospitality Trust, a REIT focused on opportunistic investments in upscale, full-service hotels, sold the 495-room Crowne Plaza Ravinia in Atlanta. The sale price is $88.7 million, or $179,000 per key.

The price represents a trailing 12-month cap rate of 5.6% on net operating income and a trailing 15.3x EBITDA multiple. Based upon the prior 12-month period, the Crowne Plaza achieved RevPAR of $84 with occupancy of 71% and Average Daily Rate of $119.

“The Crowne Plaza Ravinia transaction demonstrates our value-added approach given this was an opportunity for us to sell an asset at a very attractive cap rate,” says Douglas A. Kessler, Ashford Trust's president and CEO. “With a RevPAR that is well below our portfolio average, the sale should improve our overall RevPAR while also freeing up capital that can potentially be recycled into upper upscale, full-service assets or for other general corporate purposes. We will continue to pursue strategies that we believe will enhance returns for our shareholders.”