Tuesday, March 12, 2024
Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust”) has announced the completion of the sale of the 144-room Residence Inn in Salt Lake City, Utah, for $19.2 million. The adjusted sale price corresponds to a 4.6% capitalization rate on 2023 net operating income, or 18.2 times the 2023 Hotel EBITDA.Proceeds from the sale were entirely allocated to debt repayment.
“We are pleased to announce the sale of the Residence Inn Salt Lake City at a very attractive cap rate,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “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) that primarily focuses on investing in upper upscale, full-service hotels.
Forward-Looking Statements
This press release includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.These statements encompass discussions regarding the Company’s strategy and future plans. Forward-looking statements are subject to risks and uncertainties, including those beyond Ashford Trust’s control, which could cause actual results to differ materially from anticipated results. Factors that could cause such differences include our ability to raise sufficient capital to address strategic debt, refinance or restructure debt, and execute asset transactions. Other factors include projected operating results, market trends, and the impact of technology on our operations. These forward-looking statements are based on information known to us and reflect our beliefs, assumptions, and expectations as of the date of this release. Actual results could vary materially from these statements due to various factors. We do not commit to updating these statements, except as mandated by law.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
