DALLAS, Sept. 1, 2016 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") announced today that it has completed the sale of the
124-room Hampton Inn & Suites in Gainesville, FL for approximately $27 million in cash ($218,000 per key) to Key International
("Key").
The purchase price, including projected capex to be invested by
Key, represents a trailing 12-month cap rate of 8.3% on net
operating income. On a trailing 12-month basis, the hotel
achieved RevPAR of $130, with
occupancy of 83% and Average Daily Rate of $156. The hotel had an existing debt
balance of approximately $21 million,
and the Company realized net proceeds from the disposition of
approximately $5 million after debt
repayment and transaction costs.
"We continue to be pleased with the progress we are making with
the sale of our non-core, select-service hotels," said Monty J. Bennett, Ashford Trust's Chairman and
Chief Executive Officer. "We believe this sale is another step in
unlocking the value of this portfolio and we remain committed to
maximizing value for our shareholders by focusing on upper-upscale,
full-service hotels."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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.
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visit:http://www.prnewswire.com/news-releases/ashford-trust-completes-sale-of-hampton-inn--suites-gainesville-300321765.html
SOURCE Ashford Hospitality Trust, Inc.