Ashford Hospitality Trust (AHT) Announces Completion of Palm Desert Hotels Sale
- Banks, telecoms lead Wall Street up; another Dow record
- Western Digital (WDC) Raises Q2 Outlook
- bluebird bio (BLUE) to Offer $200M of Common Stock
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
- After-Hours Stock Movers 12/06: (PLAY) (ANTH) (WDC) Higher; (AVAV) (ESV) (BLUE) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Ashford Hospitality Trust, Inc. (NYSE: AHT) announced 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- 3M Co. (MMM) Enters Agreement to Sell HOYA Vision Care Business
- Puma Biotech (PBYI) Commences PB272-Focused MAP
- Immersion (IMMR) Renews License Agreement with LG Electronics
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!