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Ashford Trust to Acquire La Posada de Santa Fe for $50 Million

La Posanda de Santa Fe
DALLAS — Ashford Hospitality Trust, Inc., has entered into a definitive agreement to acquire the 157-room La Posada de Santa Fe in Santa Fe, New Mexico for $50 million. The acquisition is expected to close in late October, subject to customary closing conditions. La Posada is located on more than five landscaped acres three blocks from the historic Santa Fe...

Embassy Suites by Hilton Orlando-Airport Completes Renovation

Embassy Suites by Hilton Orlando-Airport
ORLANDO—The 174-suite Embassy Suites by Hilton Orlando-Airport completed a renovation of its guest suites and public spaces, including the lobby, restaurant, bar, meeting rooms, business center, and fitness center. The all-encompassing redesign of the hotel’s seven-story atrium and lobby adds spaces for guests to conduct business, meet friends and family, and relax. The modern design has textures and colors inspired...

Ashford Trust Completes Refinancing of 34 Hotels

DALLAS—Ashford Hospitality Trust, a real estate investment trust (REIT) focused on investing in upper upscale, full-service hotels, announced today that it has refinanced seven mortgage loans with existing outstanding balances totaling approximately $1.07 billion. The previous mortgage loans that were refinanced were the MIP Portfolio loan with a final maturity date in February 2019, the Morgan Stanley Pool A loan...

Ashford Hospitality Trust Proposes to Acquire FelCor

DALLAS—Ashford Hospitality Trust, a real estate investment trust focused on investing in the hospitality industry in upper upscale, full-service hotels, announced today that it has submitted a non-binding proposal to acquire FelCor Lodging Trust for a total consideration of $9.27 per share, based on closing prices as of Feb. 17, 2017. FelCor shareholders would receive a fixed exchange ratio...

Ashford Closes on SpringHill Suites Gaithersburg

DALLAS—Ashford Hospitality Trust has announced that it has closed on the sale of the 162-room SpringHill Suites Gaithersburg in Gaithersburg, Md. for approximately $13.2 million ($81,000 per key). The purchase price for the SpringHill Suites Gaithersburg represents a trailing 12-month cap rate of 7.1 percent on net operating income. On a trailing 12-month basis, the hotel...