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Stock Market & Financial Investment News

News Breaks
July 15, 2014
08:04 EDTAHTAshford Hospitality acquires Fremont Marriot Silicon Valley
Ashford Hospitality announced that it has signed a definitive agreement to acquire the 357-room Fremont Marriott Silicon Valley hotel. The acquisition is expected to close within the next 30 days. Upon closing, the property will be managed by Remington Lodging. The company intends to finance the property with approximately $37.5M of non-recourse mortgage debt.
News For AHT From The Last 14 Days
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June 26, 2015
08:01 EDTAHTAshford Hospitality announces planned sale of select-service hotel portfolio
Ashford Hospitality (AHT) announced several strategic initiatives. The company has analyzed numerous strategies to maximize shareholder value with its select-service hotels including: raising private capital and forming a joint venture, a spin-off similar to Ashford Hospitality Prime (AHP), holding the select-service assets indefinitely, and/or selling many or all the select-service assets. After a full analysis of the potential strategies and in response to investor feedback, the company announced that it intends to immediately commence the process to list for sale a portfolio of approximately 23 select-service hotels that are mostly brand-managed and will take an opportunistic approach to selling the remaining select-service hotels in the future. In addition, the company will redefine its investment strategy to focus predominantly on upper upscale, full-service hotels. The Company's advisor, Ashford may separately pursue sponsoring a select-service platform. The for-sale 23 select-service hotel portfolio totals 4,308 rooms, is encumbered by approximately $190M of long term fixed rate debt and approximately $187M of maturing or floating rate debt for total debt of approximately $377M. The current trailing 12-month NOI for the portfolio is approximately $44M, and the trailing 12-month RevPAR for the portfolio is approximately $88. It is anticipated that the proceeds from this sale will be redeployed into assets that are consistent with Ashford Trust's redefined strategy: predominately upper upscale, full-service hotels.
June 24, 2015
16:11 EDTAHTAshford Hospitality to acquire two hotels in Minneapolis for $101M
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