Aug. 26 at 10:24 PM
$AHT Residence Inn Evansville (78 rooms) sold for 6M$. It is FIRE sale ?
Residence Inn Evansville (Indiana) (78 rooms) were bought in March 2011 for 8.839M$.
If never renovated, after amortisation 5%/year actual book value 4.5M$. Debts shall be 60% of the hotel book value 2.7M$. Net of debts 1.8M$ after the sale.
Rooms are at 100
$US/night.
Annual revenu 78 rooms x 100$* 365 days/year x .7 occupency = 1.99M$
The cost to renovate this hotel minimum 10M$.
I am not happy by that sale.
I think AHT has no choice to sold that hotel, the secured lenders was requesting that sale. It is possible I am wrong.
