Ashford Hospitality Trust has entered into a definitive agreement to sell the Hilton Houston NASA Clear Lake hotel for $27m.
Pending customary closing conditions, the transaction is anticipated to close in June 2025.
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While the company has not guaranteed the completion of the sale under these terms or at all, the announcement marks a significant development in its property portfolio.
Located in Houston, Texas, the 242-room waterfront property is adjacent to the Johnson Space Center and offers amenities such as an outdoor pool, meeting rooms, and a fitness centre.
Guests can enjoy an all-day dining at the Luna Restaurant & Bar.
The hotel is situated with proximity to shopping, dining, and entertainment at Kemah Boardwalk, Ellington Field, and William P. Hobby Airport.
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By GlobalDataConsidering expected capital expenditures, the sale price reflects a 3.2% capitalisation rate on net operating income or a multiple of 23.6 times the hotel’s EBITDA for the twelve months concluding 30 April 2025.
Without these capital expenditures, the sale price would represent a 5% capitalisation rate or a multiple of 15.2 times the hotel’s EBITDA.
Ashford Trust president and CEO Stephen Zsigray said: “We are pleased to announce the signed agreement to sell the Hilton Houston NASA Clear Lake at a very attractive cap rate.
“This sale will deleverage our Morgan Stanley 17 Pool loan, and result in significant capital expenditure savings. Combined with our “GRO AHT” initiative, we’re excited about the potential for opportunistic sales to further transform the company and have additional assets in the market at various stages of the sales process.”
Ashford is a real estate investment trust specialising in high-end, full-service hotels.
In a previous transaction, the company reached an agreement to sell the Courtyard Boston Downtown in December of last year for $123m, equating to $390,500 per key.
