Stock Monitor: Chesapeake Lodging Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 21, 2018 / Active-Investors.com has just released a free research report on Ashford Hospitality Prime, Inc. (NYSE: AHP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=AHP as the Company's latest news hit the wire. On February 16, 2018, the Company announced that it has inked an agreement to acquire the 266-room Ritz-Carlton Sarasota in Sarasota, Florida for approximately $171 million ($643,000 per key). Register today and get access to over 1,000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for Chesapeake Lodging Trust (NYSE: CHSP), which also belongs to the Financial sector as the Company Ashford Hospitality Prime. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=CHSP
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ashford Hospitality Prime most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=AHP
Details of the Agreement
- Ashford Prime will fund the transaction with existing cash as well as either drawing on its revolving credit line or securing a non-recourse mortgage loan on the property.
- As part of the transaction, the seller has agreed to provide a $5.5 million income guaranty to cover any decrease from 2017 hotel gross operating profit for up to three years, subject to certain conditions.
- Additionally, the Company will also acquire a 22-acre plot of vacant land for $9.7 million that is being entitled for residential development adjacent to the golf course.
- The transaction, expected to close in April 2018, is subject to customary closing conditions and regulatory approvals. Following the acquisition, the property will continue to be managed by Ritz-Carlton.
- Ashford Prime expects to realize a stabilized unleveraged yield of approximately 8% on its investment. On a trailing 12-month basis as of December 31, 2017, Ritz-Sarasota achieved revenue per available room (RevPAR) of $284.38, with 78.1% occupancy and an average daily rate of $364.04, according to unaudited operating financial data provided by the sellers.
The Property Fits Perfectly with Ashford Prime's Strategy of Owning Luxury Hotels and Resorts
Richard J. Stockton, President and CEO of Ashford Prime, stated that the acquisition of the Ritz-Carlton Sarasota is an opportunity for the Company to acquire a luxury resort property with a premier location in the upscale and growing Sarasota market.
Richard added that this property fits perfectly with Ashford Prime's strategy of owning luxury hotels and resorts and further diversifies the Company's portfolio while also increasing the overall RevPAR of its portfolio, which is already the highest among Ashford Prime's hotel REIT peers.
Ashford Prime's Acquisitions in 2017
- In April 2017, the Company acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado for $145.5 million ($766,000 per key), previously announced on March 10, 2017. Concurrent with the completion of the acquisition, Ashford Prime financed the hotel with a $67.5 million non-recourse mortgage loan.
- In May 2017, Ashford Prime completed the acquisition of the 80-room Hotel Yountville in Yountville, California for $96.5 million ($1,200,000 per key), previously announced on March 01, 2017. The Company financed the transaction with a $51 million non-recourse mortgage loan.
About Ritz-Carlton Sarasota
Built in 2001 and located in downtown Sarasota, the Ritz-Carlton Sarasota includes a 26,000-square-foot beach club with 410 feet of beachfront, a private golf club, a 15,000-square-foot Ritz-Carlton Spa Club, eight food and beverage outlets, 29,000 square feet of flexible indoor meeting space, two outdoor pools, a 24-hour fitness club, and lighted tennis courts. The hotel has received more than $21 million in capital improvements over the past few years.
The Ritz-Carlton Sarasota was recently named to the AAA list of Four Diamond properties.
About Ashford Hospitality Prime, Inc.
Founded in 2003 and headquartered in Dallas, Texas, Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts. The Company's strategy is to invest primarily in full-service luxury hotels and resorts which are anticipated to generate RevPAR of at least twice the then current US average RevPAR for all hotels as determined by Smith Travel Research.
Stock Performance Snapshot
February 20, 2018 - At Tuesday's closing bell, Ashford Hospitality Prime's stock declined 1.55%, ending the trading session at $8.90.
Volume traded for the day: 185.84 thousand shares.
After yesterday's close, Ashford Hospitality Prime's market cap was at $288.72 million.
The stock has a dividend yield of 7.19%.
The stock is part of the Financial sector, categorized under the REIT - Hotel/Motel industry.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
