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Ashford Trust plans to sell select-service hotels

Ashford Hospitality Trust announced it intends to sell its portfolio of 23 select-service hotels, totaling 4,308 rooms. The portfolio is encumbered by approximately US$190 million of long-term fixed-rate debt and about US$187 million of maturing or floating-rate debt.

The proceeds of the sale are expected to be used for assets that match Ashford Trust’s redefined strategy of predominately upper-upscale, full-service hotels.

“Beginning in November 2013, with the spinoff of Ashford Prime, the Ashford Trust strategy has been evolving,” said Monty Bennett, chairman and CEO of Ashford Trust. “Over the past several months, the management team has been working on further refining the strategy in order to make it simpler to understand and more defined for our investors.”

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