DALLAS, Oct. 10, 2016 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") announced today that it has completed its
previously-announced sale of the two-hotel portfolio comprised of
the 151-room Courtyard Palm Desert and the 130-room Residence Inn
Palm Desert for $36 million
($128,000 per key). Both hotels
are located in Palm Desert,
CA.
On a trailing 12-month basis, the portfolio achieved RevPAR of
$92 with occupancy of 74% and Average
Daily Rate of $123. The portfolio had
an existing debt balance of approximately $24 million that was assumed by the buyer.
After debt assumption and transaction costs, the net proceeds were
approximately $11 million. With
this sale, the Company has now closed on approximately $218 million of sales of its non-core
select-service hotels.
"We continue to make progress on the sale of our non-core,
select-service hotels," said Monty J.
Bennett, Ashford Trust's Chairman and Chief Executive
Officer. "The completion of this portfolio sale brings the total
number of assets sold to nine since we announced our select-service
sales strategy earlier this year. We will continue to pursue
opportunities to divest of our non-core, select-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: timing of closing of the transaction and
satisfaction of conditions to closing, 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-palm-desert-hotels-300341658.html
SOURCE Ashford Hospitality Trust, Inc.