Ashford sells New Orleans Marriott

Ashford has completed the previously disclosed sale of the JW Marriott New Orleans in New Orleans, Louisiana, for $67.5 million in cash and assumed debt.The price equates to a 2.9% trailing 12-month NOI cap rate and a 20.9x trailing 12-month EBITDA multiple. As part of the sale, the buyer assumed an approximate $43.9 million first mortgage at an 8.08% interest rate.