Ashford Sells Hampton Inn & Suites Gainesville For $27M
Zacks Investment Research | Sep 05, 2016 09:41PM ET
Ashford Hospitality Trust, Inc. (NYSE:AHT) recently closed the sale of Hampton Inn & Suites in Gainesville, FL for approximately $27 million in cash. The 124-room hotel was sold to the Miami, FL-based real estate investment and development company Key International. This disposition is in sync with the strategy of the Dallas, TX-based real estate investment trust (“REIT”) to prune its non-core, select-service hotels portfolio.
Ashford Hospitality Trust is engaged in investment and management of properties in the hospitality industry in the U.S. The company mainly invests in upper-upscale and full-service hotels in primary, secondary and resort markets.
The hotel achieved RevPAR of $130, average daily rate of $156 and occupancy of 83%, on a trailing 12-month basis. Through the latest disposition, the REIT accrued net proceeds of around $5 million after debt repayment and transaction costs. Ashford Hospitality Trust is committed to enhance the value of the shareholders by increasing focus on upper-upscale, full-service hotels. The disposition is likely to unlock more value of its portfolio.
ASHFORD HOSPTLY Price
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.