Ashford Acquires W Atlanta Downtown for $56.8 Million

    Ashford Hospitality Trust has completed the previously-announced acquisition of the 237-room W Atlanta Downtown hotel for total consideration of $56.8 million ($239,000 per key). The purchase price represents an estimated forward 12-month cap rate of 7.2 percent on net operating income and an estimated 11.6x EBITDA multiple. The hotel, which is part of a $2 billion mixed-use development, will continue to be managed by Starwood Hotels.