Ashford Hospitality Trust, Dallas, announced it has signed a definitive agreement to acquire a nine-hotel portfolio comprising 1,251 rooms for US$224 million in cash (US$179,000 per key).
The portfolio includes Courtyard Boston Billerica in Boston; Courtyard Wichita Old Town in Wichita, Kansas; Hampton Inn & Suites Columbus Easton in Columbus, Ohio; Hampton Inn & Suites Pittsburgh Washington in Pittsburgh, Pennsylvania; Hampton Inn & Suites Pittsburgh Waterfront in Pittsburgh, Pennsylvania; Hampton Inn Phoenix Airport in Phoenix; Homewood Suites Pittsburgh Southpointe in Pittsburgh, Pennsylvania; Residence Inn Stillwater in Stillwater, Oklahoma; and Sheraton Ann Arbor in Ann Arbor, Michigan.
Ashford said it anticipates financing the portfolio with non-recourse debt of approximately US$179 million. Upon closing, all of the properties will be managed by Remington Lodging.
On a trailing 12-month basis, the portfolio achieved RevPAR of US$100 with occupancy of 76% and ADR of US$131, according to Ashford.
“This portfolio afforded us the opportunity to acquire well-placed, well-conditioned assets with strong and diverse brands that will expand the geographic footprint of our platform,” said Monty Bennett, Ashford’s chairman and CEO. “With the installation of Remington property management at all of these properties, we see substantial upside to the operating performance across this portfolio.”