Ashford Hospitality Trust has signed a definitive agreement to acquire a nine-hotel portfolio for total consideration of $224 million in cash ($179,000 per key). The company anticipates financing the portfolio with non-recourse debt of approximately $179 million. Upon closing, all of the properties will be managed by Remington Lodging. The purchase price equates to an estimated forward 12-month cap rate of 7.5 percent and an estimated forward 12-month EBITDA multiple of 11.6x. On a trailing 12-month basis, the portfolio achieved RevPAR of $100, with occupancy of 76 percent and average daily rate of $131. The portfolio consists of eight select-service hotels and one full-service hotel with 1,251 total rooms. They are relatively new assets with an average age of seven years. Brands include Courtyard, Hampton Inn & Suites, Homewood Suites, Residence Inn, and Sheraton, in such markets as Boston, Pittsburgh, and Phoenix.
