Dallas-Based Ashford Trust to Sell 1,393-Key Portfolio

Ashford Hospitality Trust has entered into an agreement to sell a five-hotel, 1,393-room portfolio of select-service hotels to Noble Investment Group. The Dallas-based hotel REIT will be paid $143 million upon closing this quarter.

The portfolio consists of select-service hotels including:

• 146-room Courtyard Edison; Edison, NJ
• 150-room Residence Inn Buckhead; Atlanta, GA
• 312-room Courtyard Lake Buena Vista; 388-room Fairfield Inn and 400-room Springhill Suite Lake Buena Vista; Orlando, FL.

Marriott manages the three Orlando properties, while the other two are managed by Remington Lodging. Monty J. Bennett, chairman and CEO of Ashford Hospitality Trust, indicated that the sale is the REIT’s first step in its strategy of divesting non-core, select-service assets.