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Acquired by Ashford in March 2005 as part of a 21-hotel portfolio, the 196-room Ramada Inn Hyannis Regency and the 164 room Ramada Inn Warner Robins had been designated as non-core properties along with six other hotels in this portfolio. Both hotels have a trailing twelve month negative net operating income. Ashford has now completed the sale of three of the non-core hotels and is currently pursuing a disposition strategy for the five remaining non-core hotels. CB Richard Ellis brokered both transactions for Ashford. Monty J. Bennett, President and Chief Executive Officer of Ashford, commented, "We are pleased with the sale of these assets at prices exceeding our expectations. Both hotels sold were operating with negative cash flow. We expect to announce additional sales in the coming weeks that will allow us to redeploy the sale proceeds to higher return investments." 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. |
| Contact: Douglas Kessler |
| Also See: | Ashford Hospitality Trust Completes Acquisition of 21-Hotel Portfolio for $250 Million / March 2005 |
| Ashford
Hospitality Trust Sells Non-Core Hotel and Reduces Debt Balance /
April 2005 |