Ashford Hospitality Trust Inc. has signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake in Houston for $27 million to an undisclosed buyer.
The sale is expected to be completed in June and is subject to normal closing conditions. The company provides no assurances that the sale will be completed on these terms or at all.
When adjusted for the company’s anticipated CapEx, the sale price represents a 3.2% capitalization rate on net operating income or 23.6x Hotel EBITDA for the 12 months ended April 30, 2025. Excluding the anticipated capital spend, the sale price represents a 5% capitalization rate on net operating income or 15.2x Hotel EBITDA for the 12 months ended April 30, 2025.
“We are pleased to announce the signed agreement to sell the Hilton Houston NASA Clear Lake at a very attractive cap rate,” said Stephen Zsigray, Ashford Trust’s president/CEO. “This sale will deleverage our Morgan Stanley 17 Pool loan, and result in significant capital expenditure savings. Combined with our “GRO AHT” initiative, we’re excited about the potential for opportunistic sales to further transform the company and have additional assets in the market at various stages of the sales process.”
The pet-friendly hotel offers LUNA Restaurant and Bar for all-day dining, an outdoor pool, a fitness center and 14,892 sq. ft. of meeting and event space.
The property is eight miles from Ellington Field, 22 miles from William P. Hobby Airport and 50 miles from Houston Intercontinental Airport. Space Center Houston is a mile away and other nearby attractions include Kemah Boardwalk, Baybrook Mall and Tanger Outlets.
