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Ashford Hospitality Trust Inc Announces Acquisition Of Pier House Resort and Spa For $90 Million

Tuesday, 7 May 2013 04:05pm EDT 

Ashford Hospitality Trust Inc announced that it has signed a definitive agreement to acquire the 142-room Pier House Resort and Caribbean Spa in Key West, Florida, for total consideration of $90 million in cash ($634,000 per key). Ashford intends to fund the entire purchase price with cash on hand. The acquisition is expected to close within the next 15 days. The purchase price of $90 million represents a trailing 12-month cap rate of 6.2% on net operating income and an EBITDA yield of 7.0%. On a forward 12-month basis, the purchase price represents a cap rate of 7.6% on net operating income and an EBITDA yield of 8.5%, which equates to an 11.8x forward EBITDA multiple. In 2012, the hotel achieved RevPAR of $275, with occupancy of 83% and an Average Daily Rate of $333. 

Company Quote

-0.16 -1.51%
25 Nov 2014