Ashford Trust announced that it has signed a definitive agreement to acquire the 252-room Hilton Alexandria Old Town located in Alexandria, Virginia, for total consideration of $111 million.
The key features of the acquisition of the Hilton Alexandria Old Town are:
- 252-room hotel with 12,967 square feet of meeting and function space
- Opened in 2000 with $9.6 million in renovations since 2013
- Trailing 12-month occupancy, ADR and RevPAR of 85%, $190 and $161, respectively
- Strong location near office and retail demand generators
- Limited new supply
- Adjacent to Metro station
In conjunction with the transaction, the Company expects to enter into a non-recourse mortgage loan of $73.5 million at closing. The loan is expected to have a term of five years and bear interest at a rate of LIBOR + 2.45%.
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