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AHP

Ashford Hospitality Prime

$12.90

-0.15 (-1.15%)

16:29
03/01/17
03/01
16:29
03/01/17
16:29

Ashford Hospitality Prime to acquire Hotel Yountville in Napa Valley for $96.5M

Ashford Hospitality Prime has entered into a definitive agreement to acquire the 80-room Hotel Yountville in Yountville, CA for $96.5M, or $1.2M per key. The company intends to finance the property with approximately $50M of non-recourse mortgage debt. The acquisition is expected to close within 60 days subject to customary closing conditions, and subject to the company's right to extend closing for an additional 60 days subject to certain conditions. The company has also signed a non-binding letter of intent to acquire a luxury resort for approximately $150M. The purchase price for the Hotel Yountville represents, as of December 31, 2016, a trailing 12-month capitalization rate of 6.2% on hotel net operating income of $5.9M and a trailing 12-month 14.6x hotel EBITDA multiple, according to the company's preliminary estimates based on unaudited operating financial data provided by the sellers. On a trailing 12-month basis as of December 31, 2016, the Hotel Yountville achieved RevPAR of $469.12, with 87.8% occupancy and an average daily rate of $534.30.

AHP Ashford Hospitality Prime
$12.90

-0.15 (-1.15%)

03/29/16
BARD
03/29/16
UPGRADE
BARD
Neutral
Ashford Hospitality Prime upgraded to Neutral from Underperform at Baird
03/29/16
BARD
03/29/16
UPGRADE
Target $11
BARD
Neutral
Ashford Hospitality Prime upgraded to Neutral at Baird
As reported previously, Baird upgraded Ashford Hospitality Prime to Neutral from Underperform, as the firm believes any downside risks have been priced into the shares. However, they remained concerned about the company's corporate governance provisions and that a sale of the platform could be hindered by the high termination fee and pullback in the debt markets. Baird raised its price target to $11 from $10 on Ashford Hospitality Prime shares.
07/22/16
ADAM
07/22/16
NO CHANGE
Target $14
ADAM
Hold
Canaccord not confident Ashford Hospitality Prime deal will materialize
Canaccord noted the Weisman Group increased its bid to buy Ashford Hospitality Prime and made an offer that is full and fair value for the REIT. The firm believes a deal is now more likely, but they are still not confident one will materialize. Canaccord believes if the Board does not accept the offer it would highlight that the external management structure is value destructive, which would be negative for the stock. Canaccord maintained its Hold rating and $14 price target on Ashford Hospitality Prime shares.
01/31/17
JANY
01/31/17
UPGRADE
Target $17
JANY
Buy
Ashford Hospitality Prime upgraded to Buy from Neutral at Janney Capital
Janney analyst Tyler Batory upgraded Ashford Hospitality Prime to Buy and raised its price target to $17 from $14. The analyst views valuation as "cheap" given recent company actions including a 33% increase to the dividend, $12M of interest savings from refinancing several loans, and the negotiation of a lower termination fee to Ashford Inc.

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