DALLAS, June 3, 2024
/PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT)
("Ashford Trust" or the "Company") today announced that it has
closed on the sale of the 90-room Courtyard located in Manchester, Connecticut for $8.0 million. The property was encumbered with a
mortgage loan that had an outstanding balance of approximately
$5.6 million. All remaining proceeds
from the sale will be used for general corporate purposes,
including the pay down of the Company's strategic financing.
The Company also announced that it has signed a definitive
agreement to sell the 193-room One Ocean Resort located in
Atlantic Beach, Florida for
$87.0 million ($451,000 per key). The sale is expected to be
completed in June and is subject to normal closing conditions. The
Company provides no assurances that the sale will be completed on
these terms or at all. All proceeds from the planned sale are
expected to be used for general corporate purposes, including the
pay down of the Company's strategic financing.
"We are pleased to announce the sale of the Courtyard Manchester
and the planned sale of the One Ocean Resort," commented
Rob Hays, Ashford Trust's President
and Chief Executive Officer. "We have made significant progress on
our deleveraging plan, and the remaining balance on our strategic
financing is currently $102 million.
We continue to have several assets in the market at various stages
of the sales process and look forward to providing more updates in
the coming weeks."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
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. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. 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," "could,"
"plan," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to numerous
assumptions and uncertainties, many of which are outside of 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: our ability to complete the sale of One Ocean Resort on
the terms currently anticipated or at all; our ability to raise
sufficient capital to pay off our strategic financing; our ability
to repay, refinance, or restructure our debt and the debt of
certain of our subsidiaries; anticipated or expected purchases or
sales of assets; our projected operating results; completion of any
pending transactions; our understanding of our competition; market
trends; projected capital expenditures; the impact of technology on
our operations and business; general volatility of the capital
markets and the market price of our common stock and preferred
stock; availability, terms and deployment of capital; availability
of qualified personnel; changes in our industry and the markets 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 made only as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. 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, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.