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Real Estate News & Analysis: May Edition
Ashford Hospitality Prime Inc. completed its $145.5 million acquisition of the Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo.
The company financed the 190-room hotel with a $67.5 million nonrecourse, interest-only mortgage loan.
The loan carries a floating interest rate of LIBOR plus 2.75% with a two-year term and three one-year extension options, subject to certain conditions.
The asset will continue to be managed by Hyatt Hotels Corp.