Jul
06
Crowne Plaza Ravinia in Atlanta Lands New Owner
BySold by Ashford Hospitality Trust, the 495-key property in Dunwoody changed hands for $89 million. The former owner had bought the hotel in 2011 as part of a $1.3 billion portfolio.
Dallas-based Ashford Hospitality Trust has sold the 495-key Crowne Plaza Ravinia in Atlanta for $88.7 million, or about $179,000 per key, to an unidentified buyer.
Ashford Trust paid off an existing allocated debt balance of approximately $65.6 million as well as an additional $13.1 million of debt that was used to release the asset from the loan pool, according to the REIT. After debt payoff and transaction costs, the net proceeds from the sale were approximately $9 million. The REIT also noted in a prepared statement that the sales price “represents a trailing 12-month cap rate of 5.6 percent on net operating income and a trailing 15.3x EBITDA multiple.”…
