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Ashford Offloads Courtyard Boston Downtown to Undisclosed Buyer
Ashford Hospitality Trust, Inc. (AHT) said Tuesday it had completed the sale of the 315-key Courtyard Boston Downtown located in Boston for $123 million, or $390,500 per key. The buyer was not disclosed.
“We are pleased to announce the closing of the sale of the Courtyard Boston Downtown,” said Stephen Zsigray, AHT’s president and CEO. “This sale not only deleverages our BAML Highland Pool loan but also results in significant capital expenditure savings going forward. We are encouraged by the improved sentiment we are seeing in both the transaction and financing markets and the progress we are making with our recently announced GRO AHT initiative, as evidenced by the strong revenue growth we achieved in December.”
In December, the Dallas-based hospitality REIT announced the agreement to sell the property. At the time, the company said the sale price represented a 5.9% cap rate on NOI for the trailing 12 months ended Sept. 30, 2024.
- ◦Sale/Acquisition
