Real estate investment trust Ashford Hospitality Prime is mulling over the sale of a Seattle-area hotel. The Courtyard Seattle Downtown could potentially be sold by the REIT as a means to repay debt and settle transaction costs.
Ashford expects to obtain roughly $16 million in net proceeds from the sale after all other payments are made, and the hotel could potentially fetch as much as $84.5 million. The deal is scheduled to be finalized over the next 60 days.
The 250-room hotel is located on Westlake Ave. North in Seattle. It opened with roughly 80-percent occupancy on a trailing 12-month basis, with revenue per available room reaching $157 and an average daily rate of $196.
The seven-story building has two suites, four meeting rooms (for a total of 3,804 square feet of event space), a new lobby area, express check-in and complimentary wireless Internet access. The hotel is nonsmoking and has a concierge service, on-site laundry service, valet dry-cleaning and more.