Embassy Suites Philadelphia Airport
Ask about thisScored using an estimated 79% discount to replacement cost; spread not graded (no trailing-12-month cap rate or NOI disclosed); supply not graded (no single public source gives the total pipeline share); 3 of 5 factors graded.
Public-data underwrite. The buyer's information set was larger. Decision support, not a recommendation.
- Price
- $26M
- Price per key
- $99k per key
- Keys
- 263
- Buyer
- SSN 9000 Bartram Road LLC
- Seller
- Ashford Hospitality Trust (AHT)
- Announced
- Aug 12, 2026
- Status
- Closed Oct 6, 2026
Grade at announcement
As of Aug 12, 2026Price and basis
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 5 | $99k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 79% below | 5 = 40% or more below replacement cost | PressJul 13, 2026 (opens source)+ Price $26.0M, AHT 10-Q (Aug 12, 2026) |
Price per key vs replacement cost per key 30%5
$99k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 79% below
Band: 5 = 40% or more below replacement cost
PressJul 13, 2026 (opens source)+ Price $26.0M, AHT 10-Q (Aug 12, 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: 0.212 ($98,859 ÷ $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 at announcement (AHT 10-Q, Aug 12, 2026). | None (not graded) | |
| Demand trajectory 15% | 4 | Lodging tax receipts +0.63% (trailing 12 months vs prior 12, City of Philadelphia hotel taxes (Hotel Fund, cash), Jun 2025 to May 2026 vs prior 12; $85,195,224 vs $84,662,031) | 4 = flat to up under 5% | RecordJul 2, 2026 (opens source) |
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).Not graded
No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).
None (not graded)
Demand trajectory 15%4
Lodging tax receipts +0.63% (trailing 12 months vs prior 12, City of Philadelphia hotel taxes (Hotel Fund, cash), Jun 2025 to May 2026 vs prior 12; $85,195,224 vs $84,662,031)
Band: 4 = flat to up 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, Aug 12, 2026 close: 4.68%. No qualifying cap rate, so no spread is computed. source · Aug 12, 2026
Access: airlift and drive (not a rubric factor; no weight)
- Airlift: Philadelphia International (PHL) passengers, trailing 12 months Jun 2025 to May 2026, −3.09%. Drive: statewide Turnpike data only, not graded. source · Jul 17, 2026
Financing and material risks
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Supply backdrop 15% | Not graded | No single public source gave the Philadelphia airport submarket's or the metro's total pipeline as a share of existing rooms by Aug 12, 2026. | None (not graded) | |
| Debt and transaction context 15% | 3 | Pressured seller without formal distress at announcement: 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. No loan event was tied to this hotel by then. | 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) |
Supply backdrop 15%No single public source gave the Philadelphia airport submarket's or the metro's total pipeline as a share of existing rooms by Aug 12, 2026.Not graded
No single public source gave the Philadelphia airport submarket's or the metro's total pipeline as a share of existing rooms by Aug 12, 2026.
None (not graded)
Debt and transaction context 15%3
Pressured seller without formal distress at announcement: 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. No loan event was tied to this hotel by then.
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
Cited figures shown for reference. They don’t enter the grade.
Supply backdrop
- Philadelphia metro: about 600 rooms expected to deliver in 2026 (broker outlook, via Lodging Magazine); no share of existing rooms stated. source · Mar 31, 2026
Debt and transaction context
- After the announcement: the closing 8-K filed Oct 9, 2026 says about $24.6M was paid to the lender on a 12-hotel loan. source · Oct 9, 2026
Weights of ungraded factors are spread across graded ones.
Rubric v1 (original), graded Oct 26, 2026: 4.3 of 5
Scored using an estimated 79% 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 | $99k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 79% below | 5 = 40% or more below replacement cost | PressJul 13, 2026 (opens source)+ Price $26.0M, AHT 10-Q (Aug 12, 2026) |
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026). | None (not graded) | |
| Supply backdrop 15% | Not graded | No single public source gave the Philadelphia airport submarket's or the metro's total pipeline as a share of existing rooms by Aug 12, 2026. | None (not graded) | |
| Demand trajectory 15% | 4 | Lodging tax receipts +0.63% (trailing 12 months vs prior 12, City of Philadelphia hotel taxes (Hotel Fund, cash), Jun 2025 to May 2026 vs prior 12; $85,195,224 vs $84,662,031) | 4 = flat to up under 5% | RecordJul 2, 2026 (opens source) |
| Debt and transaction context 15% | 3 | Pressured seller without formal distress at announcement: 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. No loan event was tied to this hotel by then. | 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) |
Price per key vs replacement cost per key 30%5
$99k per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class); 79% below
Band: 5 = 40% or more below replacement cost
PressJul 13, 2026 (opens source)+ Price $26.0M, AHT 10-Q (Aug 12, 2026)
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).Not graded
No trailing-12-month cap rate or NOI disclosed at announcement (AHT 10-Q, Aug 12, 2026).
None (not graded)
Supply backdrop 15%No single public source gave the Philadelphia airport submarket's or the metro's total pipeline as a share of existing rooms by Aug 12, 2026.Not graded
No single public source gave the Philadelphia airport submarket's or the metro's total pipeline as a share of existing rooms by Aug 12, 2026.
None (not graded)
Demand trajectory 15%4
Lodging tax receipts +0.63% (trailing 12 months vs prior 12, City of Philadelphia hotel taxes (Hotel Fund, cash), Jun 2025 to May 2026 vs prior 12; $85,195,224 vs $84,662,031)
Band: 4 = flat to up under 5%
Debt and transaction context 15%3
Pressured seller without formal distress at announcement: 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. No loan event was tied to this hotel by then.
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
After the deal
Tracked separately. Not part of the grade.
- T0 · at announcementAug 12, 2026
- T+1Lands Aug 2027
- T+2Lands Aug 2028
Sources (5)
- FilingForm 10-Q, Q2 2026: purchase agreement ($26.0M, $500k deposit); going-concern disclosure
- FilingForm 8-K filed Oct 9, 2026: sale closed Oct 6, 2026; lender paydown
- RecordCity revenue collections report, May 2026 (hotel taxes)
- 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: purchase agreement ($26.0M, $500k deposit); going-concern disclosure
- FilingForm 8-K filed Oct 9, 2026: sale closed Oct 6, 2026; lender paydown
- RecordCity revenue collections report, May 2026 (hotel taxes)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)