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News Breaks
January 29, 2014
12:05 EDTAHPAshford Hospitality Prime initiated with a Buy at Craig-Hallum
Target $19.
News For AHP From The Last 14 Days
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November 24, 2015
16:20 EDTAHPAshford Hospitality Prime to acquire Ritz-Carlton St. Thomas for $64M
Ashford Hospitality Prime (AHP) announced it has entered into a definitive agreement to acquire the 180-room Ritz-Carlton St. Thomas for $64M, or $355,000 per key, from Marriott (MAR). The acquisition is expected to close in approximately 30 days, subject to customary closing conditions. The company intends to finance the property with approximately $40M of non-recourse mortgage debt. The property will continue to be operated as a Ritz-Carlton property under a long-term management agreement with Ritz-Carlton. The purchase price for The Ritz-Carlton St. Thomas represents a trailing 12-month cap rate of 10% on net operating income and a trailing 7.2x EBITDA multiple, according to the Company's preliminary estimates. On a trailing 12-month basis as of October 2015, Ashford estimates The Ritz-Carlton St. Thomas achieved RevPAR of $433, with an Average Daily Rate of $555 and 78% occupancy. Located on 30 pristine oceanfront acres along Great Bay, The Ritz-Carlton St. Thomas is recognized as one of the best hotels in the U.S. Virgin Islands. Opened as The Ritz-Carlton St. Thomas in 1996, the resort recently completed a comprehensive $22M renovation of guest rooms and public space.

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