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Ashford Prime Completes Acquisition of the Award-Winning Bardessono Hotel and Spa for $85 Million

2015-07-10 11:36:06| Jewelry - Topix.net

The acquisition was funded with proceeds from the Company's recently completed preferred stock offering, cash on hand and $2.0 million in key money provided by Ashford Inc. The property will be managed by Remington Lodging who will work with the existing management team to facilitate a smooth transition to maintain the hotel's highest standards of excellence. The purchase price for the Bardessono Hotel and Spa, after adjusting for the key money, represents an estimated forward 12-month cap rate of 5.2% on net operating income and an estimated forward 12-month EBITDA multiple of 16.5x.

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