REIT Sells 404-Key Hotel for $104M
Ashford Hospitality Prime Inc. ended its 10-year hold on the 404-room Marriott Plano Legacy Town Center hotel in Plano, TX, selling it to a Pennsylvania investment company. The Dallas-based REIT walked away from the transaction with $104 million. The proceeds were used to pay debt and closing costs, leaving the seller with net proceeds of $16 million. The transaction also completed a reverse 1031 exchange to acquire the 80-room Hotel Yountville in Yountville, CA, on which it closed in May 2017.
The disposition of the Marriott, at 7121 Bishop Rd. in Plano, was part of Ashford Hospitality Prime’s execution of its non-core portfolio strategy, which focused on selling underperforming assets and “redeploying the proceeds based on the acquisition opportunities we are currently seeing in the market,” said Richard Stockton, Ashford Prime’s President and CEO.
The Marriott Plano Legacy Town Center has a 72% occupancy, a RevPAR of $134 and ADR of $185.
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