Ashford Hospitality Trust has concluded the sale of two US-based hotel properties, notably the Hilton Houston NASA Clear Lake in Texas, for $27m and the Residence Inn Evansville East in Indiana, for $6m.
The combined sale price, when adjusted for the company’s expected capital expenditures, indicates a 1.3% capitalisation rate on net operating income, or a multiple of 45.3 times Hotel EBITDA for the year ending 31 July 2025.
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Without the expected capital expenditure, the price of the combined sale reflects a 2.0% capitalisation rate on net operating income, or a multiple of 28.1 times Hotel EBITDA for the same period.
The Houston property is located on the banks of Clear Lake near the Johnson Space Center.
It features amenities such as an outdoor pool, a fitness centre, and meeting rooms, as well as all-day dining at Luna Restaurant & Bar, overlooking Clear Lake.
Ashford Hospitality Trust signed a definitive agreement for the sale of the Hilton Houston NASA Clear Lake in May this year.
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By GlobalDataThe Residence Inn Evansville East offers easy access to local attractions such as the Deaconess Sports Park, the University of Evansville, Southern Indiana University, and Mesker Park Zoo and Botanic Garden.
Ashford Hospitality Trust president and CEO Stephen Zsigray said: “These transactions reflect our continued focus on creating shareholder value via multiple avenues.
“In addition to our GRO AHT effort aimed at driving increased performance, selling these two non-core assets has deleveraged the platform, improved the coverage metrics of our recently extended MS 17 loan pool, and increased portfolio cash flow after debt service. We anticipate pursuing similar opportunistic sales in the coming months.”
Ashford Hospitality Trust is a real estate investment trust (REIT) known for its specialisation in investing primarily in upper upscale, full-service hotels.
