Ashford Hospitality Trust has signed a definitive agreement to acquire the remaining 28.26 percent ownership interest of the 28-hotel Highland Hospitality portfolio from it joint venture partner, Prudential Real Estate Investors. Ashford will purchase the fund’s interest for $250.1 million in cash, according to this news release. The buyout is expected to be completed sometime during the first quarter of 2015. The portfolio includes 19 full-service hotels and nine select-service hotels with a concentration in major brands such as Hilton, Marriott, Hyatt, and Starwood. The expected total transaction value is $1.735 billion ($215,000 per key).
