Ashford Trust Completes Sale of 162-Room SpringHill Suites Gaithersburg, Maryland for $13.2 Million

Ashford Hospitality Trust | October 4, 2016

DALLAS, Oct. 4, 2016 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that it has closed on the sale of the 162-room SpringHill Suites Gaithersburg in Gaithersburg, MD for approximately $13.2 million ($81,000 per key). The purchase price for the SpringHill Suites Gaithersburg represents a trailing 12-month cap rate of 7.1% on net operating income. On a trailing 12-month basis, the hotel achieved RevPAR of $72, with occupancy of 66% and Average Daily Rate of $108. The consideration received from the sale was a combination of cash and approximately 2.0 million Class B co...