La Posada de Santa Fe, A Tribute Portfolio Resort & Spa
Ashford Trust Announces Agreement To Acquire The La Posada De Santa Fe For $50 Million
• Iconic boutique resort located in the affluent and high barriers-to-entry Santa Fe, New Mexico market proximate to the historic Santa Fe Plaza
• Exceptional amenities including four food & beverage outlets, an award-winning full-service spa and 7,800 square feet of indoor/outdoor meeting space
• Revenue per available room (RevPAR) of $155 for the 12 months ended August 31, 2018
• The Property is a member of Marriott's Tribute Portfolio
• Property is in excellent physical condition with limited capex needs
• In connection with this acquisition, Ashford Inc. has committed to provide Ashford Trust with approximately $5 million under the terms of the Enhanced Return Funding Program ("ERFP")
Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that it has entered into a definitive agreement to acquire the 157-room La Posada de Santa Fe in Santa Fe, New Mexico ("La Posada" or the "Property") for $50 million. The acquisition is expected to close in late October, but because the transaction is subject to customary closing conditions, the Company can give no assurance that the purchase will be consummated by such date, or at all. La Posada is located on over five beautifully landscaped acres three blocks from the historic Santa Fe Plaza.
With its strong brand affiliation and world-class amenities, the boutique hotel is positioned as one of the leading properties in a lodging market with very high barriers to entry. Located in northern New Mexico approximately 60 miles north of Albuquerque, Santa Fe is one of the country's most prominent, popular and dynamic leisure destinations. Beyond the first-class hotel experience, guests have easy access to the Santa Fe area's many amenities and activities, including over 250 art galleries, boutiques and restaurants. Additionally, the Property is proximate to the area's most renowned tourist demand generators, including the world-famous Santa Fe Opera House, Georgia O'Keefe Museum, Museum Hill, Dale Ball Trails and La Tierra Trails, among others.
La Posada has 157 luxurious and spacious rooms, including 30 suites, spread across 26 structures throughout the resort. The Property also offers an array of amenities, including the award-winning 4,500 sq. ft. full-service Spa Sage, four food and beverage outlets, including the acclaimed Julia - Spirited Restaurant & Bar, 7,800 sq. ft. of flexible indoor/outdoor meeting space, an outdoor pool, 24-hour state-of-the-art fitness club as well as an on-site curator service with prominent paintings and sculptures displayed for sale throughout the property.