Embassy Suites Las Vegas
Ask about thisScored using an estimated 58% discount to replacement cost; spread not graded (no trailing-12-month cap rate or NOI disclosed); 4 of 5 factors graded.
Public-data underwrite. The buyer's information set was larger. Decision support, not a recommendation.
- Price
- $44Mapproximately
- Price per key
- $198k per key
- Keys
- 220
- Buyer
- 4315 Hospitality LLC
- Seller
- Ashford Hospitality Trust (AHT)
- Announced
- Oct 1, 2026
- Status
- Closed Sep 25, 2026
Grade at announcement
As of Oct 1, 2026Price and basis
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 5 | $198k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 58% below | 5 = 40% or more below replacement cost | PressJul 13, 2026 (opens source)+ Price ~$43.5M, AHT 8-K filed Oct 1, 2026 |
Price per key vs replacement cost per key 30%5
$198k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 58% below
Band: 5 = 40% or more below replacement cost
PressJul 13, 2026 (opens source)+ Price ~$43.5M, AHT 8-K filed Oct 1, 2026
Cited figures shown for reference. They don’t enter the grade.
Price per key vs replacement cost per key
- Deal price per key ÷ HVS full-service replacement cost per key: 0.423 ($197,727 ÷ $467,244). source · Jul 13, 2026
Operating performance
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed; the 8-K pro forma columns aren't NOI. | None (not graded) | |
| Demand trajectory 15% | 3 | Lodging tax receipts -2.5% (trailing 12 months vs prior 12, Clark County (unincorporated) Stadium District room tax, Jul 2025 to Jun 2026 vs prior 12, as printed; June 2026 data marked preliminary) | 3 = down under 5% | RecordAug 20, 2026 (opens source) |
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed; the 8-K pro forma columns aren't NOI.Not graded
No trailing-12-month cap rate or NOI disclosed; the 8-K pro forma columns aren't NOI.
None (not graded)
Demand trajectory 15%3
Lodging tax receipts -2.5% (trailing 12 months vs prior 12, Clark County (unincorporated) Stadium District room tax, Jul 2025 to Jun 2026 vs prior 12, as printed; June 2026 data marked preliminary)
Band: 3 = down under 5%
Cited figures shown for reference. They don’t enter the grade.
Implied cap rate vs 10-year Treasury spread
- 10-year Treasury par yield, Oct 1, 2026 close: 5.24%. No qualifying cap rate, so no spread is computed. source · Oct 1, 2026
Demand trajectory
- All Stadium District jurisdictions combined: −3.22% ($61,405,812 vs $63,450,442; printed as −3.2%), trailing 12 months to June 2026, preliminary. source · Aug 20, 2026
Access: airlift and drive (not a rubric factor; no weight)
- Airlift (preliminary): Harry Reid International (LAS) passengers, trailing 12 months Sep 2025 to Aug 2026, −7.66%; the airport estimated one carrier's figures. source · Sep 29, 2026
- Drive (preliminary): I-15 at the Nevada/California border, average daily traffic, calendar year to date through Jul 2026, +6.3% (year-to-date fallback; August not yet published). source · Sep 30, 2026
Financing and material risks
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Supply backdrop 15% | 2 | Pipeline 7.63% of existing rooms (our calculation), net of closures (LVCVA Construction Bulletin as of May 15, 2026: 7,604 net new rooms scheduled for 2026 to 2030 plus 3,867 in announced and proposed projects; our calculation: 11,471 rooms vs 150,300 rooms in inventory at Dec 31, 2025) | 2 = 6% to under 8% | ReportMay 21, 2026 (opens source)+ LVCVA Construction Bulletin page (posted May 21, 2026) |
| Debt and transaction context 15% | 3 | Pressured seller without formal distress: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. The closing 8-K filed Oct 1, 2026 (sale closed Sep 25) says about $41.2M went to the lender on a seven-hotel loan; rubric v1 has no category for proceeds to a lender unless the sale was lender-negotiated, which isn't stated. | 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction | FilingAug 12, 2026 (opens source)+ AHT 8-K filed Oct 1, 2026: ~$41.2M paid to the mortgage lender |
Supply backdrop 15%2
Pipeline 7.63% of existing rooms (our calculation), net of closures (LVCVA Construction Bulletin as of May 15, 2026: 7,604 net new rooms scheduled for 2026 to 2030 plus 3,867 in announced and proposed projects; our calculation: 11,471 rooms vs 150,300 rooms in inventory at Dec 31, 2025)
Band: 2 = 6% to under 8%
ReportMay 21, 2026 (opens source)+ LVCVA Construction Bulletin page (posted May 21, 2026)
Debt and transaction context 15%3
Pressured seller without formal distress: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. The closing 8-K filed Oct 1, 2026 (sale closed Sep 25) says about $41.2M went to the lender on a seven-hotel loan; rubric v1 has no category for proceeds to a lender unless the sale was lender-negotiated, which isn't stated.
Band: 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction
FilingAug 12, 2026 (opens source)+ AHT 8-K filed Oct 1, 2026: ~$41.2M paid to the mortgage lender
Cited figures shown for reference. They don’t enter the grade.
Supply backdrop
- Clark County approved a resort on the former SkyVue site on Jul 22, 2026; room count not given. A single project, not a pipeline share. source · Jul 22, 2026
Weights of ungraded factors are spread across graded ones.
Rubric v1 (original), graded Oct 26, 2026: 4.0 of 5
Scored using an estimated 58% discount to replacement cost; spread not gradeable (no trailing-12-month cap rate or NOI disclosed); 3 of 5 factors graded.
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 5 | $198k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 58% below | 5 = 40% or more below replacement cost | PressJul 13, 2026 (opens source)+ Price ~$43.5M, AHT 8-K filed Oct 1, 2026 |
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed; the 8-K pro forma columns aren't NOI. | None (not graded) | |
| Supply backdrop 15% | Not graded | No single public source gave the market's total hotel pipeline (under construction plus planned) as a share of existing rooms by the announcement date; figures aren't combined across sources or stages. | None (not graded) | |
| Demand trajectory 15% | 3 | Lodging tax receipts -2.5% (trailing 12 months vs prior 12, Clark County (unincorporated) Stadium District room tax, Jul 2025 to Jun 2026 vs prior 12, as printed; June 2026 data marked preliminary) | 3 = down under 5% | RecordAug 20, 2026 (opens source) |
| Debt and transaction context 15% | 3 | Pressured seller without formal distress: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. The closing 8-K filed Oct 1, 2026 (sale closed Sep 25) says about $41.2M went to the lender on a seven-hotel loan; rubric v1 has no category for proceeds to a lender unless the sale was lender-negotiated, which isn't stated. | 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction | FilingAug 12, 2026 (opens source)+ AHT 8-K filed Oct 1, 2026: ~$41.2M paid to the mortgage lender |
Price per key vs replacement cost per key 30%5
$198k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 58% below
Band: 5 = 40% or more below replacement cost
PressJul 13, 2026 (opens source)+ Price ~$43.5M, AHT 8-K filed Oct 1, 2026
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed; the 8-K pro forma columns aren't NOI.Not graded
No trailing-12-month cap rate or NOI disclosed; the 8-K pro forma columns aren't NOI.
None (not graded)
Supply backdrop 15%No single public source gave the market's total hotel pipeline (under construction plus planned) as a share of existing rooms by the announcement date; figures aren't combined across sources or stages.Not graded
No single public source gave the market's total hotel pipeline (under construction plus planned) as a share of existing rooms by the announcement date; figures aren't combined across sources or stages.
None (not graded)
Demand trajectory 15%3
Lodging tax receipts -2.5% (trailing 12 months vs prior 12, Clark County (unincorporated) Stadium District room tax, Jul 2025 to Jun 2026 vs prior 12, as printed; June 2026 data marked preliminary)
Band: 3 = down under 5%
Debt and transaction context 15%3
Pressured seller without formal distress: AHT's 10-Q (Aug 12, 2026) states substantial doubt about its ability to continue as a going concern and names hotel sales as a source of cash. The closing 8-K filed Oct 1, 2026 (sale closed Sep 25) says about $41.2M went to the lender on a seven-hotel loan; rubric v1 has no category for proceeds to a lender unless the sale was lender-negotiated, which isn't stated.
Band: 3 = Pressured seller without formal distress (publicly flagged loan maturity within 12 months, watchlist, fund wind-down) or a related-party / non-arm's-length transaction
FilingAug 12, 2026 (opens source)+ AHT 8-K filed Oct 1, 2026: ~$41.2M paid to the mortgage lender
After the deal
Tracked separately. Not part of the grade.
- T0 · at announcementOct 1, 2026
- T+1Lands Oct 2027
- T+2Lands Oct 2028
Sources (5)
- FilingForm 10-Q, Q2 2026: going-concern disclosure
- FilingForm 8-K: completed sale (~$43.5M); ~$41.2M paid to the mortgage lender
- RecordRoom tax revenue report, FYE 2026 preliminary (board packet Aug 20, 2026)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)
Sources (5)
- FilingForm 10-Q, Q2 2026: going-concern disclosure
- FilingForm 8-K: completed sale (~$43.5M); ~$41.2M paid to the mortgage lender
- RecordRoom tax revenue report, FYE 2026 preliminary (board packet Aug 20, 2026)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)