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Ashford Hospitality Trust Inc (AHT) - free report >>
Alexandria Real Estate Equities, Inc. (ARE) - free report >>
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Ashford Sells Hampton Inn & Suites Gainesville for $27M
Ashford Hospitality Trust, Inc. (AHT - Free Report) recently closed the sale of Hampton Inn & Suites in Gainesville, FL for approximately $27 million in cash. The 124-room hotel was sold to the Miami, FL-based real estate investment and development company Key International. This disposition is in sync with the strategy of the Dallas, TX-based real estate investment trust (“REIT”) to prune its non-core, select-service hotels portfolio.
Ashford Hospitality Trust is engaged in investment and management of properties in the hospitality industry in the U.S. The company mainly invests in upper-upscale and full-service hotels in primary, secondary and resort markets.
The hotel achieved RevPAR of $130, average daily rate of $156 and occupancy of 83%, on a trailing 12-month basis. Through the latest disposition, the REIT accrued net proceeds of around $5 million after debt repayment and transaction costs. Ashford Hospitality Trust is committed to enhance the value of the shareholders by increasing focus on upper-upscale, full-service hotels. The disposition is likely to unlock more value of its portfolio.
ASHFORD HOSPTLY Price
ASHFORD HOSPTLY Price | ASHFORD HOSPTLY Quote
Currently, Ashford Hospitality Trust carries a Zacks Rank #3 (Hold).
Investors interested in the REIT sector can consider some better-ranked stocks like Alexandria Real Estate Equities, Inc. (ARE - Free Report) , Arbor Realty Trust Inc. (ABR - Free Report) and CareTrust REIT, Inc. (CTRE - Free Report) . All these stocks hold a Zacks Rank #2 (Buy).
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