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Ashford Hospitality Trust Inc Completes Acquisition Of Pier House Resort And Spa


Tuesday, 14 May 2013 05:10pm EDT 

Ashford Hospitality Trust Inc announced that it has completed the previously-announced acquisition of 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 funded the entire purchase price with cash on hand. At the end of the first quarter, Ashford had total cash, cash equivalents, and marketable securities of $234 million and nothing drawn on its $165 million corporate credit facility. The Company is currently in the market evaluating property level debt financing for the acquisition. 

Company Quote

11.95
0.09 +0.76%
12:21pm EDT