Ashford Hospitality Trust has closed on the sale of four hotels and has entered into definitive agreements to sell two additional hotels. These six transactions are part of the company’s ongoing strategy to optimize its portfolio through strategic-asset sales. The majority of proceeds will be used to pay down mortgage debt, and together, these sales are expected to result in more than $60 million in future capital expenditure savings.
“We continue to aggressively refine our hotel portfolio through strategic divestitures,” said Stephen Zsigray, president and CEO. “We remain focused on maximizing shareholder value, and these sales accomplish all three of our strategic objectives: improved cash flow after debt service, significantly reduced future capital expenditure obligations, and lower portfolio leverage.”
The company has sold Hilton St. Petersburg Bayfront in St. Petersburg, Fla., and La Posada de Santa Fe in Santa Fe, N.M., as well as Hilton Alexandria Old
