Ashford Hospitality Belief has entered right into a definitive settlement to sell the Hilton Houston NASA Clear Lake resort for $27m.
Pending customary closing circumstances, the transaction is anticipated to shut in June 2025.
Whereas the corporate has not assured the completion of the sale below these phrases or in any respect, the announcement marks a major growth in its property portfolio.
Positioned in Houston, Texas, the 242-room waterfront property is adjoining to the Johnson House Middle and presents facilities reminiscent of an out of doors pool, assembly rooms, and a health centre.
Visitors can take pleasure in an all-day eating on the Luna Restaurant & Bar.
The resort is located with proximity to procuring, eating, and leisure at Kemah Boardwalk, Ellington Discipline, and William P. Passion Airport.
Contemplating anticipated capital expenditures, the sale worth displays a 3.2% capitalisation fee on web working revenue or a a number of of 23.6 instances the resort’s EBITDA for the twelve months concluding 30 April 2025.
With out these capital expenditures, the sale worth would signify a 5% capitalisation fee or a a number of of 15.2 instances the resort’s EBITDA.
Ashford Belief president and CEO Stephen Zsigray stated: “We’re happy to announce the signed settlement to sell the Hilton Houston NASA Clear Lake at a really engaging cap fee.
“This sale will deleverage our Morgan Stanley 17 Pool mortgage, and end in vital capital expenditure financial savings. Mixed with our “GRO AHT” initiative, we’re excited concerning the potential for opportunistic gross sales to additional remodel the corporate and have further belongings out there at numerous levels of the gross sales course of.”
Ashford is an actual property funding belief specialising in high-end, full-service accommodations.
In a earlier transaction, the company reached an agreement to sell the Courtyard Boston Downtown in December of final yr for $123m, equating to $390,500 per key.
“Ashford to sell Hilton Houston NASA Clear Lake for $27m” was initially created and revealed by Hotel Management Network, a GlobalData owned model.
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