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Ashford Hospitality Trust Sells 156-Room Courtyard Savannah Downtown
Hospitality-focused REIT Ashford Hospitality Trust has sold the 156-room Courtyard Savannah Downtown in Savannah, as well as the 128-room Hilton Garden Inn in Wisconsin Dells, WI, for a total of $37.8 million. The buyer was not disclosed.
The hotels had existing allocated loan balances of approximately $32.8 million that were paid off at closing, along with an additional $3.8 million of loan paydown associated with the release of the Courtyard Savannah from its loan pool.
“These transactions continue to demonstrate our ability to sell non-core assets at attractive cap rates compared to our current market valuation,” said Douglas A. Kessler, CEO of Ashford. “With these sales and the associated debt paydown, we have lowered our leverage while also highlighting the value within our hotel properties. We will continue to pursue transactions that we believe will unlock value in our portfolio, and enhance returns for our shareholders.”
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