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Ashford Hospitality Trust Inc. Sells Courtyard Boston Downtown Hotel For $123 Million
SOLD
$123,000,000
Massachusetts
See Similar DealsHotel
Sold 01/14/2025
SOLD
Ashford Hospitality Trust Inc. Sells Courtyard Boston Downtown Hotel For $123 Million
275 Tremont Street
See Similar DealsHotel
Sold 01/14/2025
Summary
MASSACHUSETTS
Asset Type:Hotel
Transaction Type:Sale
The asset involved in the transaction is the 315-room Courtyard Boston Downtown located at 275 Tremont Street in Boston, MA. The hotel was sold for $123 million, which equates to approximately $390,476 per key.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $123,000,000
- Address: 275 Tremont Street, Boston, MA
- Seller: Stephen Zsigray - Ashford Hospitality Trust Inc.
- Keys: 315
- PPK: $390,476
Stephen Zsigray, the CEO of Ashford Hospitality Trust Inc., underscored the significance of this transaction in helping reduce the company's BAML Highland Pool loan and in saving on future capital expenditures. He also noted the positive impact of the deal on the company’s financial standing, alongside mentioning strong revenue growth experienced in December.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,559,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$436,993.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$583,082.75
Annual Debt Service$6,996,993.02
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