RobertDouglas announced today that it advised Ashford Hospitality Trust, Inc. (NYSE: AHT) on the sale of the 144-room Residence Inn Salt Lake City Cottonwood (the "Hotel") to the PEG Companies for $19.2 million.
The institutional-quality Hotel is strategically located in Salt Lake City's desirable Cottonwood Heights submarket with accessibility to the nearby canyons and four different Utah ski resorts.
Featuring a mountainous surrounding, the Hotel includes large suites with full kitchens and facilities including an outdoor pool, sports court, fitness center, and meeting space.
When adjusted for the anticipated capital expenditures, the sale price represented a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represented a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA.
Patrick Tan, RobertDouglas Senior Vice President, said "There was a high level of interest for this premium-branded extended-stay property from a diverse pool of buyers who saw the strategic value and understood the long-term potential for the Hotel."
"We are thrilled to have advised on this transaction and execute the sale at an attractive cap rate for our client" commented Evan Hurd, RobertDouglas Principal & Managing Director.
