ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Files An 8-K Regulation FD DisclosureITEM 7.01 REGULATION FD DISCLOSURE
On May 14, 2018, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) announced that it has completed the sale of the 109-room Residence Inn Tampa Downtown in Tampa, Florida for $24 million ($220,000 per key). The sales price represents a trailing twelve-month cap rate of 7.6% on net operating income and an 11.8x Hotel EBITDA multiple as of March 31, 2018.
The hotel had an existing allocated debt balance of approximately $19.5 million that was paid off at closing along with an additional $2.9 million of debt pay down associated with the release of the hotel from the loan pool. Based upon the prior 12-month period ended March 31, 2018, the hotel achieved RevPAR of $122 with occupancy of 76% and Average Daily Rate of $161. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. A copy of the press release is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)Exhibits
Exhibit Number Description
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99.1 |
Press Release of the Company, dated May 14, 2018
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ASHFORD HOSPITALITY TRUST INC ExhibitEX-99.1 2 aht-tamparisalepr.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1NEWS RELEASEContact:Deric EubanksJordan JenningsJoe Calabrese Chief Financial OfficerInvestor RelationsFinancial Relations Board (972) 490-9600(972) 778-9487(212) 827-3772ASHFORD TRUST ANNOUNCES SALE OF THE RESIDENCE INN TAMPA FOR $24 MILLION DALLAS,…To view the full exhibit click here
About ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT)
Ashford Hospitality Trust, Inc. (Ashford), together with its subsidiaries, is an externally advised real estate investment trust (REIT). The Company operates through direct hotel investments segment. It is focused on investing in the hospitality industry with a focus on full-service upscale and upper-upscale hotels in the United States. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Its hotels are operated under the brands of Hilton, Hyatt, Marriott, Starwood and Intercontinental Hotels Group. The Company’s hotels portfolio is asset-managed by Ashford LLC. The Company is focused on direct hotel investments and it may invest in a range of lodging-related assets. Its investments may include direct hotel investments; mezzanine financing through origination or acquisition; first-lien mortgage financing through origination or acquisition, and sale-leaseback transactions.