ashford hospitality trust
Ashford Hospitality Trust Completes Sale of Residence Inn Salt Lake City
Ashford Hospitality Trust | March 12, 2024
DALLAS, March 12, 2024 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that it has closed on the sale of the 144-room Residence Inn located in Salt Lake City, Utah (the "Hotel") for $19.2 million. When adjusted for the Company's anticipated capital expenditures, the sale price represented a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represented a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the sale were used to pay down debt....
Ashford Hospitality Trust Agrees to Sell 144-Room Residence Inn Salt Lake City for $19.2 Million
Ashford Hospitality Trust | February 16, 2024
DALLAS, Feb. 16, 2024 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah (the "Hotel") for $19.2 million. The sale is expected to be completed in early March and is subject to normal closing conditions. The Company provides no assurances that the sale will be completed on these terms or at all. When adjusted for the Company's anticipated capital expenditures, the sale price represents a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the an...
Ashford Hospitality Trust Converting Crowne Plaza La Concha Hotel to Marriott’s Autograph Collection
August 22, 2023
DALLAS, Aug. 22, 2023 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that its Crowne Plaza La Concha Hotel in Key West, Florida (the "Hotel") is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to Autograph La Concha. Marriott's Autograph Collection Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment. The conversion of this iconic Key West hotel to an Autograph Collection property will occur upon the completion of a $35 million r...
Ashford Group of Companies to Return PPP Funds
Ashford Group | May 4, 2020
DALLAS -- May 4, 2020 -- The Ashford Group of Companies announced today that all of its companies, including Ashford Inc. (NYSE American: AINC), Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust"), and Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar"), will return all funds provided by the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") due to the agency's recently changed rules and inconsistent federal guidance that put the companies at compliance risk. Federal Government assistance is required to repair the most significant damage in history to U.S. hotels and hospitality businesses cause...
Ashford Trust Completes Acquisition of the Hilton Santa Cruz/Scotts Valley for $50 Million
February 27, 2019
DALLAS, Feb. 27, 2019 -- Acquisition Highlights: High-quality, full-service hotel located in the growing and high barrier-to-entry Santa Cruz, California market Exceptional amenities including a full-service restaurant, 7,900 square feet of flexible meeting space, outdoor pool and fitness center Revenue per available room (RevPAR) of $158 for the 12 months ended December 31, 2018 Property is in excellent physical condition with limited capex needs Issued approximately 1.5 million Operating Partnership Units at an approximate 31% premium to yesterday's closing price In connection with this acquisition, Ashford Inc. has committ...
Ashford Hospitality Trust Selects Remington Hotels to Manage 178-Room Hilton Santa Cruz/Scotts Valley
February 27, 2019
DALLAS, TX (Feb. 27, 2019) – Remington Hotels, a leading hotel management company, this week takes over the management of Hilton Santa Cruz/Scotts Valley, owned by Ashford Hospitality Trust. The 9th Remington-managed property in the Bay Area, the acquisition of this hotel strengthens the company's foothold in the attractive destination and also marks the third large hotel takeover in less than six months. Remington now boasts 88 properties in its collection, with continued evolution forecasted for the year ahead. Next month, Remington celebrates these successes at the 24th annual Leadership Conference with over 350 field and home ...
Ashford Trust Completes Acquisition of the La Posada de Santa Fe Hotel for $50 Million
Ashford Hospitality Trust | November 1, 2018
DALLAS, Nov. 1, 2018 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that it has completed the previously announced acquisition of La Posada de Santa Fe ("La Posada") located in Santa Fe, New Mexico, for total consideration of $50 million. This acquisition is the second transaction to benefit from the Enhanced Return Funding Program (the "Program") with Ashford Inc. (NYSE American: AINC). In connection with the acquisition of La Posada, Ashford Inc. will provide Ashford Trust with $5 million of cash via the future purchase of hotel furniture, fixtu...
Ashford Trust Enters Agreement to Acquire the La Posada de Santa Fe for $50 Million
October 9, 2018
DALLAS, Oct. 9, 2018 -- Acquisition Highlights: Iconic boutique resort located in the affluent and high barriers-to-entry Santa Fe, New Mexicomarket proximate to the historic Santa Fe Plaza Exceptional amenities including four food & beverage outlets, an award-winning full-service spa and 7,800 square feet of indoor/outdoor meeting space Revenue per available room (RevPAR) of $155 for the 12 months ended August 31, 2018 The Property is a member of Marriott's Tribute Portfolio Property is in excellent physical condition with limited capex needs In connection with this acquisition, Ashford Inc. has committed to provide Ashf...
