Ashford Hospitality upgraded to Outperform from Market Perform at JMP Securities JMP Securities upgraded Ashford due to valuation, significant joint venture investments, balance sheet management, and captive management structure. Price target is $14.
Ashford Hospitality completes acquisition of Marriott Memphis East for $43.5M Ashford Hospitality (AHT) has completed the previously-announced acquisition of the 232-room Marriott (MAR) Memphis East hotel for total consideration of $43.5M in cash, or $187,500 per key. The company intends to finance the property with approximately $33.3M of non-recourse mortgage debt. On a forward 12-month basis, the purchase price represents an estimated cap rate of 8.6% on net operating income and an estimated 10.3x forward EBITDA multiple. The Marriott Memphis East is in excellent physical condition with virtually no capex needs as the hotel recently completed an extensive renovation.