Ashford Trust Sells Marriott, Hilton Hotels For $37.8M
Law360 (August 15, 2019, 5:44 PM EDT) -- Ashford Hospitality Trust Inc. said Thursday it has sold for $37.8 million the 156-room Courtyard by Marriott Savannah Downtown/Historic District hotel in Savannah, Georgia, and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin.
The Dallas-based real estate investment trust, which says it focuses on hospitality industry investments in “upper upscale,” full-service hotels, didn’t name the buyers. Ashford at closing paid off the hotels’ existing loan balances of approximately $32.8 million as well as $3.8 million of pay-down related to the release of the Courtyard Savannah from its loan pool, according to the REIT. The sales’ remaining net proceeds were used...
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