Ashford Hospitality Trust sheds two hotels for $37.8M

|About: Ashford Hospitality Trust, ... (AHT)|By:, SA News Editor

Ashford Hospitality Trust (NYSE:AHT) sells the 156-room Courtyard Savannah Downtown in Savannah, GA, and the 128-room Hilton Garden Inn in Wisconsin Dells, WI, for $37.8M.

The combined sales price, inclusive of the buyers' estimated anticipated capital expenditures of $8.2M represents a trailing 12-month cap rate of 5.3% on net operating income and a 16.2x hotel EBITDA multiple as of June 30, 2019.

Approximately all of the net proceeds from the sales were used to pay down debt.

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