DALLAS, March 3, 2014 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company")
announced today that it has completed the sale of the Pier House
Resort and Spa to Ashford Hospitality Prime, Inc. (NYSE: AHP)
("Ashford Prime") for total
consideration of $92.7 million.
In connection with the transaction, Ashford
Prime has assumed the existing $69
million property level debt financing that the Company
closed in September 2013.
"We are pleased to complete the sale of this hotel to
Ashford Prime which further improves
our liquidity position and allows us to pursue other investment
opportunities to create value for our shareholders," said
Monty J. Bennett, Ashford Trust's
Chairman and Chief Executive Officer. "The sale of the Pier
House Resort to Ashford Prime was
contemplated at the time of the spin-off as we believed the Pier
House was a natural fit for the high RevPAR portfolio of
Ashford Prime. We believe this
transaction will be mutually beneficial for both companies as they
pursue their distinct investment strategies."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry across all segments and at all levels of the capital
structure primarily within the United
States.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford Trust's
filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
SOURCE Ashford Hospitality Trust, Inc.