Ashford Hospitality Trust Provides Update On Plan To Pay Off Strategic Financing Which Has A Final Maturity Date In January 2026; Co Currently Has Three Assets Under Purchase And Sale Agreements, Combined Sales Prices Of These Six Assets Total More Than $220M

Author: Benzinga Newsdesk | February 26, 2024 09:17am

Ashford Hospitality Trust, Inc. (NYSE:AHT) ("Ashford Trust" or the "Company") today provided an update on its previously announced plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising capital through a combination of asset sales, mortgage debt refinancings, and its non-traded preferred capital offering.

The Company currently has three assets under Purchase and Sale Agreements (including the recently announced agreement to sell the Residence Inn Salt Lake City) and three additional assets under Letters of Intent. The combined sales prices of these six assets total more than $220 million. Additional assets are at various stages of the marketing process, and the Company plans to provide further updates in its earnings release this week. The Company provides no assurances that these sales will be completed.

The Company announced last month that it has several assets at various stages of being available for sale. These assets include:

• 390-room Hilton Boston Back Bay – Boston, MA
• 444-room Ritz-Carlton Atlanta – Atlanta, GA
• 296-room Westin Princeton – Princeton, NJ
• 351-room Hyatt Savannah – Savannah, GA
• 193-room One Ocean – Atlantic Beach, FL
• 350-room Residence Inn Sea World Orlando – Orlando, FL
• 144-room Residence Inn Salt Lake City – Salt Lake City, UT
• 168-room Courtyard Overland Park – Overland Park, KS
• 90-room Courtyard Manchester – Manchester, CT
• 86-room Hampton Inn Lawrenceville – Lawrenceville, GA
• 90-room SpringHill Suites Kennesaw – Kennesaw, GA
• 87-room Fairfield Inn Kennesaw – Kennesaw, GA

"As we announced last month, we are focused on paying off our strategic corporate financing in 2024," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "We are making tangible progress with the plan and will continue to provide updates to our shareholders along the way. Between the excess proceeds from planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year."

Posted In: AHT