Downtown Seattle Hotel Sold by Owning REIT
- May 26, 2016
Seattle– Ashford Hospitality Prime is in the process of selling one of its Seattle-area assets. The real estate investment trust is reportedly set to net $84.5 million for Courtyard Seattle Downtown, which will be used by the company to repay debt and settle transaction costs. The company expects to obtain about $16 million in net proceeds from the sale once all payments are made. The deal is set to be finalized in the following 60 days.
Located at 925 Westlake Ave. North, the 250-key Courtyard Seattle Downtown is a well-performing hospitality asset. The facility operated at roughly 80 percent occupancy on a trailing 12-month basis, with an Average Daily Rate of $196 and a RevPAR of $157 over that same interval.
The seven-story tall building offers two suites, four meeting rooms with a total of 3,804 square feet of space, a new lobby area, express check-in and complimentary wireless high-speed internet access. The non-smoking hotel also offers a concierge service, on-site laundry service, toll-free phone calls, valet dry-cleaning, as well as health and beauty services. Nearby attractions include the Key Arena, Woodland Park Zoo, the city’s waterfront, Lake Union, WA State Convention Center and Pike Place Market.
Image courtesy of marriott.com