Keyword: Ashford Hospitality Prime
JLL arranged the sale of the 297-room property to Ashford Hospitality Prime on behalf of SLAB.
The Twitter bursts and tabloid bedlam that have been emblematic so far of the Donald Trump presidency are showing no signs of tripping up the hotel industry, says a new report from HotStats.
The transaction, which is expected to close during the third quarter of 2018, is subject to approval by the company's stockholders and customary closing conditions.
The agreement with Marriott calls for the Courtyard Philadelphia to be converted to an Autograph hotel by June 30, 2019, following a $23M conversion plan.
The hotel was acquired for $766,000 per key, which was reportedly an area record.
Richard Stockton previously served as president & CEO-Americas for OUE Limited and spent more than 15 years working in finance and real estate.
The bid for the REIT is estimated to be worth $735 million in cash. REITs of late have concentrated on selling non-core assets and buying back stock.
The REIT is considering selling the 250-room hotel to repay debt and settle transaction costs.
Shareholders approved the combined company, which will have nearly 240 properties in its portfolio.