Ashford picks up Marriott Crystal Gateway
Laptop Battery Ashford Hospitality Trust has signed a definitive agreement to acquire the 697- room Marriott Crystal Gateway in Arlington, Virginia, for $107.0 million from EADS, a partnership headed by Robert H. Smith and Arthur A. Birney.
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Thinkpad The seller was represented by Molinaro Koger. Marriott Crystal Gateway is managed by Marriott International under a long- term management agreement.
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Microsoft The acquisition is expected to close within 30 days.
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Laptop Computers The purchase price is comprised of the assumption of a $53.5 million loan with a fixed interest rate of 7.24% and maturity date of 2017, the reimbursement of capital expenditures costs of approximately $7.0 million, and the issuance of approximately $46.5 million in Class B Operating Partnership units.
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Laptop Computer The Class B Operating Partnership units are priced at $11.20 per unit, will have a fixed dividend of 6.63% in years 1-3 and 7.0% thereafter based upon the $11.20 per unit price, and will have priority over common dividends.
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Desktop Computer After 10 years, either party may convert the units to common units.
Notebooks On a trailing 12-month basis, the purchase price represents a cap rate of 9% on net operating income and an 8.8x EBITDA multiple.
Lenovo Marriott Crystal Gateway has 697 rooms, 33,355 square feet of meeting space and 2 food and beverage facilities.
Hard Drive Opening in 1982 with the 453-room Capital Tower and subsequently adding the 244-room Arlington Tower in 1986, the hotel completed a $9.5 million renovation in 2002 and renovated the lobby and food and beverage areas in 2005.
Travelstar Ashford expects to invest $13 million during the first year of ownership on additional capital improvements to complete a full guestroom renovation.
Gateway The Marriott Crystal Gateway is one of two hotels that directly connect to the Metro, DC's rapid transit rail system.
Laptop Parts The hotel is located within Crystal City, a premier office, residential and retail market, and minutes away from Reagan National Airport.
Software Monty Bennett, President and CEO of Ashford Hospitality Trust, said, "The Marriott Crystal Gateway acquisition is another example of our ability to acquire off-market hotels at accretive yields utilizing favorable structures. With an operating partnership structure, we were able to make good use of Ashford's currency at a price premium to the last offering, and at a stated payment that is less than the current dividend payment. This per-key price for an upper-upscale hotel in such a high demand location with strong barriers to entry represents a value well below today's replacement cost. We expect this hotel to benefit from increased demand in the DC hotel market, aggressive yield and asset management, and further RevPAR penetration resulting from the recent and future capital expenditures. We look forward to adding this hotel to our growing portfolio of luxury, upper-upscale, and upscale hotels."
