Ashford Trust with Silicon Valley purchase

The 357-room Freemont Marriott Silicon Valley recently underwent an $8.1M renovation ($23K per key), and was purchased, says Ashford (NYSE:AHT), for 45% below replacement cost. The deal is to be financed with about a $37.5M non-recourse mortgage.

The Freemont/Newark submarket has seen RevPAR growth of 15.4% on a trailing 12-month basis through May 2014.

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