Ashford to Sell Hyatt Montreal
MAY 20, 2008. Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has agreed to sell the Hyatt Regency Montreal in Montreal, Quebec to Pandox for $58.5 million CDN ($58.3 million U.S. based on yesterday's conversion rate).
The transaction, which is under firm contract, is expected to close by the end of the second quarter of 2008, subject to customary closing conditions. The purchase price in U.S. dollars equates to approximately $96,363 per key, a 3.6% trailing 12-month NOI cap rate, and a 17.2x trailing 12-month EBITDA multiple. The Hyatt Montreal is the only hotel owned by Ashford outside the United States.
Through 2008, the Company has sold or put under firm contract $217.4 million as part of its capital recycling strategy.
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.
Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 45 hotels with a total of around 10,800 rooms located in Sweden, Denmark, Germany, Belgium, the Bahamas, the UK, Switzerland and Canada. Pandox hotels operate under well known brands such as Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite, Clarion, Quality, First, Hyatt and independent distribution channels.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
