Ashford Hospitality Trust Inc. has entered into definitive agreements to sell two properties—La Posada de Santa Fe, a Tribute Portfolio Resort & Spa in Santa Fe, NM, for $57.5 million, and Hilton St. Petersburg Bayfront in St. Petersburg, FL, for $96 million—and has closed on the sales of two previously disclosed transactions.
The company said it has received strong interest from buyers on multiple assets, demonstrating the underlying value in its portfolio. These activities support Ashford’s ongoing strategy to deleverage, increase liquidity and improve cash flow.
“We continue to see depth in buyer interest across our portfolio result in strong asset valuations,” said Stephen Zsigray, president/CEO, Ashford Hospitality Trust Inc. “Strategic sales continue to be a core component of our plan to reduce leverage and improve cash flow via interest expense and capital expenditure relief. Proceeds from these transactions are primarily used to retire debt, positioning the company for long-term value creation.”…