Ashford Hospitality Trust, Inc. (NYSE: AHT announced today that it has completed the sale of the Pier House Resort and Spa to Ashford Hospitality Prime, Inc. (NYSE: AHP) for total consideration of $92.7 million. In connection with the transaction, Ashford Prime has assumed the existing $69 million property level debt financing that the Company closed in September 2013.
"We are pleased to complete the sale of this hotel to Ashford Prime which further improves our liquidity position and allows us to pursue other investment opportunities to create value for our shareholders," said Monty J. Bennett, Ashford Trust's Chairman and Chief Executive Officer. "The sale of the Pier House Resort to Ashford Prime was contemplated at the time of the spin-off as we believed the Pier House was a natural fit for the high RevPAR portfolio of Ashford Prime. We believe this transaction will be mutually beneficial for both companies as they pursue their distinct investment strategies."
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry across all segments and at all levels of the capital structure primarily within the United States.
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