Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ashford Trust Sells ATL Crowne Plaza Ravinia for $89M
Dallas-based Ashford Hospitality Trust, Inc. sold the 495-room Crowne Plaza Ravinia in Atlanta for $88.7 million to an undisclosed buyer. The sales price translates to $179,000-per-key, and represents a trailing 12-month cap rate of 5.6% on net operating income and a trailing 15.3x EBITDA multiple.
The hotel had an existing allocated debt balance of approximately $65.6 million that was paid off along with an additional $13.1 million of debt pay down used to release the asset from the loan pool. After debt payoff and transaction costs, the net proceeds were approximately $9 million.
Ashford Trust’s Douglas A. Kessler said, “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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition