Ashford Increases Assets Under Management by $360M

Ashford Hospitality Trust has completed its previously-announced acquisition of the remaining 28.26 percent ownership interest of the Highland Hospitality portfolio from its joint venture partner, increasing its assets under management by approximately $360 million. The purchase price of $250.1 million was paid in cash and funded by the concurrent refinancing of 24 hotels in the portfolio as well as proceeds from the company’s recent equity offering. The 28-hotel Highland Hospitality portfolio includes 19 full-service hotels and nine select-service hotels with a concentration in major brands such as Hilton, Marriott, Hyatt, and Starwood.