Ashford Unloads SLC Residence Inn

Ashford Hospitality Trust sold the 144-room Residence Inn Salt Lake City Cottonwood for $19.2 million. When adjusted for the Company’s anticipated capital expenditures, the sale price represents a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA.

CIM Group closed an $18.3 million loan to PEG Companies for the acquisition of the hotel. 

PEG Companies, an owner and operator of seven Residence Inns, plans to transition operations to their in-house hotel management platform and execute a next-buyer renovation plan addressing guest rooms and common areas.

Built in 1999, the Residence Inn is the only extended-stay hotel in the Cottonwood area and close to the nearby canyons, which are popular visitor destinations.

The loan for the Residence Inn continues CIM Group’s growth of its hospitality lending focus beyond the full-service sector, further expanding the capital commitment into the select and extended stay sector since 2023. 

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