OEH: THE LOWER THE EBITDA, THE HIGHER THE MULTIPLE!

OEH announced after the close that it sold the 109 room Lapa Palace in Lisbon for $41.8 million.  OEH deemed it important to identify the huge 22x EBITDA multiple of the transaction.  The property generated under $2 million in EBITDA.  Who cares what the multiple is?  On a per key basis, this palace sold for $383k per key, hardly a trophy value.  We had the property valued higher.