DALLAS, Texas—Ashford Hospitality Belief, Inc. introduced that it has closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia for $8.1 million ($95,300 per key). The sale value represented a 6.0 % capitalization fee on trailing 12-month internet working earnings by means of March 2024. All the online proceeds from the sale might be used for basic company functions together with paying down the corporate’s strategic financing.
The corporate additionally introduced the switch of the corporate’s possession and management of the resort properties securing the $180.7 million KEYS A Mortgage Pool and the $174.4 million KEYS B Mortgage Pool to a court-appointed receiver. The corporate has been totally cooperating with the servicer for a consensual foreclosures or deed as a substitute of foreclosures on these properties since July 2023. Because of the switch, the corporate has no additional financial curiosity within the operations of those lodges:
KEYS A Mortgage Pool Inns:
- Courtyard Columbus Tipton Lakes—Columbus, Indiana
- Courtyard Outdated City—Scottsdale, Arizona
- Residence Inn Hughes Heart—Las Vegas, Nevada
- Residence Inn Phoenix Airport—Phoenix, Arizona
- Residence Inn San Jose Newark—Newark, California
- SpringHill Suites Manhattan Seaside—Hawthorne, California
- SpringHill Suites Plymouth Assembly—Plymouth Assembly, Pennsylvania
KEYS B Mortgage Pool Inns:
- Courtyard Basking Ridge—Basking Ridge, New Jersey
- Courtyard Newark Silicon Valley—Newark, California
- Courtyard Oakland Airport—Oakland, California
- Courtyard Plano Legacy Park—Plano, Texas
- Residence Inn Plano—Plano, Texas
- SpringHill Suites BWI Airport—Baltimore, Maryland
- TownePlace Suites Manhattan Seaside—Hawthorne, California
“We’re happy with the progress we’ve got made on our deleveraging plan, together with the switch of the KEYS A&B mortgage pool belongings to the receiver,” stated Rob Hays, Ashford Belief’s president and CEO. “We proceed to have a number of belongings out there at numerous levels of the gross sales course of and stay up for offering extra updates within the coming weeks.”
Ashford Hospitality Belief is an actual property funding belief (REIT) centered on investing predominantly in higher upscale, full-service lodges.
