Ashford Hospitality Trust Completes $88.7M Sale of Hotel in Atlanta
ATLANTA — Ashford Hospitality Trust Inc. has completed the $88.7 million sale of the Crowne Plaza Ravinia, a 495-room hotel located at 4355 Ashford Dunwoody Road in Atlanta. The sales price represents a trailing 12-month cap rate of 5.6 percent ending on May 31, 2017. The hotel had an existing allocated debt balance of roughly $65.6 million that was paid off, along with an additional $13.1 million of debt pay down used to release the asset from the loan pool. After debt payoff and transaction costs, the net proceeds were approximately $9 million. The hotel features an indoor pool, fitness center, four on-site restaurants, business center and complimentary shuttle service.