Ashford Hospitality Sells Hilton Rye Town for $35.5 Million (United States)
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Ashford Hospitality Sells Hilton Rye Town for $35.5 Million (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-03-08
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has completed the sale of the Hilton Rye Town in Rye Brook, New York for $35.5 million in cash to an investment group spearheaded by Lodging Capital Partners. Ashford used the proceeds from the sale to reduce borrowings on its credit facility.
Monty Bennett, CEO of Ashford, noted, “We are pleased to complete the accretive sale of this hotel that exhibited no positive operating cash flow over the past year. In 2011, we have already generated in excess of $130 million in gross proceeds that have been used to reduce our debt levels and free up capacity on our line of credit.”
Ashford Hospitality Trust
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, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company's website at www.ahtreit.com.
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