DALLAS—Ashford Hospitality Prime Inc. has completed the acquisition of the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, CO, for $145.5 million ($766,000 per key), previously announced in March.
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.