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to Schuylkill, LLC for $102 million |
The hotels, which are all Generation One Residence Inns, were acquired by Ashford in June 2005 as part of the 30-hotel portfolio acquired from CNL Hotels and Resorts. The Residence Inns are located in
Monty J. Bennett, President and Chief Executive Officer of Ashford, commented, �The sale of these 8 non-core hotels demonstrates our proactive approach to recycling capital. Our strategy to sell these hotels combined with the favorable financing we arranged enhances the returns on the remaining higher quality assets. We intend to remain a recycler of capital rather than a property aggregator. In doing so, we expect to better match potential sources and uses of capital to achieve dividend and CAD growth as well as increased shareholder returns.� Ashford Hospitality Trust is a self-administered real estate investment trust focused 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. Additional information can be found on the Company�s web site at http://www.ahtreit.com. 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. |
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Ashford Hospitality Trust, Inc.
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Also See: | Ashford Hospitality Trust Finalizes Acquisition of 30-Hotel Portfolio for $465 Million from CNL Hotels & Resorts / June 2005 |
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