Ashford Hospitality Belief, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) introduced the sale of the 90-room Courtyard in Manchester, Connecticut, for $8.0 million. This property had a mortgage mortgage with an impressive steadiness of roughly $5.6 million. The remaining proceeds from the sale shall be used for basic company functions, together with paying down the Firm’s strategic financing.
Moreover, the Firm has signed a definitive settlement to promote the 193-room One Ocean Resort in Atlantic Seaside, Florida, for $87.0 million ($451,000 per room). This sale is anticipated to shut in June, pending regular closing circumstances. The Firm doesn’t assure that the sale shall be accomplished below these phrases or in any respect. Proceeds from this sale are additionally meant for basic company functions, together with lowering the Firm’s strategic financing.
“We are pleased to announce the sale of the Courtyard Manchester and the planned sale of the One Ocean Resort,” commented Rob Hays, Ashford Belief’s President and Chief Government Officer. “We have made significant progress on our deleveraging plan, and the remaining balance on our strategic financing is currently $102 million. 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 Belief is an actual property funding belief (REIT) that focuses on investing primarily in upper-upscale, full-service lodges.
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