Downtown Seattle Hotel Sold by Owning REIT
By
Tony Seruga
The asset ended the past 12 months at strong occupancy, and a high ADR.
Seattle–
Ashford Hospitality Prime is in the process of selling one of its
Seattle-area assets. The real estate investment trust is reportedly set to net $84.5 million for
Courtyard Seattle Downtown, which will be used by the company to repay debt and settle transaction costs. The company expects to obtain about $16 million in net proceeds from the sale once all payments are made. The deal is set to be finalized in the following 60 days.
Located at 925 Westlake Ave. North, the 250-key Courtyard Seattle Downtown is a well-performing hospitality asset. The facility operated at roughly 80 percent occupancy on a trailing 12-month basis, with an Average Daily Rate of $196 and a RevPAR of $157 over that same interval…
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