Monday , 18 June 2018
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Dallas Hotel Group Buys Three Hotels, Including French Quarter Hostelry

DALLAS – The Ashford hotel organization, which is affiliated with two hotel REITS, has announced several hotel acquisitions.

Ashford Hospitality Trust has bought the 226-room Le Pavillon Hotel in New Orleans for $62.5 million of $277,000 per key. At closing, Remington Lodging assumed property management. The hotel is located next to the French Quarter, five blocks from Bourbon Street.

Ashford Trust also agreed to the 237-room W Atlanta Downtown hotel for total consideration of $56.8 million ($239,000 per key).  Post-closing, the hotel will continue to be managed by Starwood Hotels.

Ashford Hospitality Prime also paid $85 million ($1,370,000 per key) to acquire the 62-room Bardessono Hotel and Spa in Yountville, Calif. in the Napa Valley. The Bardessono Hotel and Spa is 60 miles north of San Francisco. The Bardessono Hotel and Spa was built in 2009 and operates with a primary focus on green practices, the hotel is the only LEED Platinum certified hotel in California.

Combined, Ashford Trust and Ashford Prime have 126 hotels with more than 28,000 rooms and approximately $6 billion in assets.

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