|DALLAS - Feb. 26, 2004 --
Located on 3.3 acres of beach front property in Atlantic Beach, the Sea Turtle Inn includes approximately 8,500 square feet of meeting space, an outdoor pool and banquet/restaurant facilities. Built in 1972, the property has been completely renovated recently with over $9 million of improvements. The only full service hotel in the Atlantic/Jacksonville Beach markets, the Sea Turtle Inn has established a loyal local following for both business and tourist travelers. Remington Lodging & Hospitality, L.P. will manage the property.
Monty J. Bennett, President and CEO of Ashford Hospitality Trust, stated, "We have focused our direct hotel investment strategy to date primarily on properties that were either under-managed, well below replacement cost or offered strategic diversification to our portfolio. The Sea Turtle Inn exceeds our investment hurdles by offering a strong initial yield, the opportunity to increase cash flow through enhanced cost controls, and an enviable competitive position in Atlantic, Jacksonville and Neptune Beaches due to current development and environmental restrictions."
Ashford Hospitality Trust is a self-administered real estate investment trust focused exclusively on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Ashford Hospitality Trust Inc.
|Also See:||Ashford Hospitality Trust Acquiring a Five-property, 894-suitePortfolio of Embassy Suites Hotels and Doubletree Guest Suites Hotels for $50.0 million in Cash / September 2003|
|Smaller than Anticipated IPO Raised $202.5 million for Ashford Hospitality Trust / August 2003|