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Article: Ashford to Acquire Marriott Research Triangle Park for $28.0 Million.
- Article from:
- PR Newswire
- Article date:
- January 26, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Acquisition Highlights:
- Acquired at a trailing pro-forma twelve-month cap rate of 8.2%, EBITDA multiple of 10.0x, and EBITDA yield of 10.0% using a 5% FF&E Reserve
- Strong brand, excellent location near Research Triangle Park and expected post-renovation rate and operating margin gains make for compelling investment
- Ashford's direct hotel portfolio to increase to 79 assets totaling 13,220 rooms
DALLAS, Jan. 26 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. announced it has signed a definitive agreement to acquire the 225- room Marriott at Research Triangle Park in Durham, NC, from Host Marriott Corporation for $28.0 ...