Ashford Prime Completes Acquisition Of Award-Winning Park Hyatt Beaver Creek Resort & Spa For $145.5 Million

Ashford Prime Completes Acquisition Of Award-Winning Park Hyatt Beaver Creek Resort & Spa For $145.5 Million

PR Newswire (paid press release):

DALLAS, April 3, 2017 /PRNewswire/ — Ashford Hospitality Prime, Inc. (NYSE: AHP) (“Ashford Prime” or the “Company”) announced today that it has completed the acquisition of 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, the Company has financed the hotel with a $67.5 million non-recourse mortgage loan.  This loan is interest only and provides for a floating interest rate of LIBOR + 2.75% with a two-year term and three, one-year extension options subject to the satisfaction of certain conditions.  The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. 

Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

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