Ashford Trust Announces $87 Million Sale of One Ocean Resort

Tuesday, June 4, 2024

Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) announced the sale of the 90-room Courtyard in Manchester, Connecticut, for $8.0 million. This property had a mortgage loan with an outstanding balance of approximately $5.6 million. The remaining proceeds from the sale will be used for general corporate purposes, including paying down the Company’s strategic financing.

Additionally, the Company has signed a definitive agreement to sell the 193-room One Ocean Resort in Atlantic Beach, Florida, for $87.0 million ($451,000 per room). This sale is expected to close in June, pending normal closing conditions. The Company does not guarantee that the sale will be completed under these terms or at all. Proceeds from this sale are also intended for general corporate purposes, including reducing the Company’s strategic financing.

“We are pleased to announce the sale of the Courtyard Manchester and the planned sale of the One Ocean Resort,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We have made significant progress on our deleveraging plan, and the remaining balance on our strategic financing is currently $102 million. We continue to have several assets in the market at various stages of the sales process and look forward to providing more updates in the coming weeks.”

Ashford Hospitality Trust is a real estate investment trust (REIT) that focuses on investing primarily in upper-upscale, full-service hotels.