Monday, January 14, 2008
Dallas-based Ashford Hospitality completes sale of JW Marriott New Orleans for $67.5 million
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Photo not provided by Ashford
The hotel reportedly cost $34 million in cash, and $33 million in shiny beads
DALLAS — Ashford Hospitality Trust, Inc. today announced that it has completed the previously disclosed sale of the JW Marriott New Orleans in New Orleans, Louisiana, for $67.5 million in cash and assumed debt. The price equates to a 2.9% trailing 12-month NOI cap rate and a 20.9x trailing 12-month EBITDA multiple. As part of the sale, the buyer assumed an approximate $43.9 million first mortgage at an 8.08% interest rate.
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.
Source: Ashford Hospitality Trust
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