Ashford Hospitality Trust Makes Progress in Strategic Financing Plan with Sale of Hilton Boston Back Bay

By Ivan PetrenkoApr 15, 2024 18:30 PMNews
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Sold out sign on green background
Sold out sign on green background. Source: pixabay

Ashford Hospitality Trust, Inc. announced today the successful closure of the sale of the Hilton Boston Back Bay, marking a significant step forward in the company's strategic financial endeavors. The 390-room hotel, situated in the heart of Boston, Massachusetts, was sold for a total of $171 million, averaging approximately $438,000 per key.

The proceeds from this transaction were primarily allocated towards debt reduction, with around $68 million utilized to pay down Ashford Trust's strategic financing. This move underscores the company's commitment to strengthening its financial position and reducing its debt burden.

Following this recent paydown, the remaining balance on Ashford Trust's strategic financing stands at approximately $112 million. Looking ahead, the company intends to continue making regular paydowns, utilizing proceeds from the sale of non-traded preferred stock and other asset sales. Several assets are currently in the market at various stages of the sales process, indicating ongoing efforts to further strengthen the company's financial position.

Ashford Hospitality Trust operates as a real estate investment trust (REIT) with a focus on investing predominantly in upper upscale, full-service hotels. Through strategic initiatives like the sale of the Hilton Boston Back Bay, the company aims to optimize its portfolio and enhance shareholder value.

The closure of the sale of the Hilton Boston Back Bay represents a significant milestone for Ashford Hospitality Trust as it progresses towards its goal of reducing debt and fortifying its financial standing. With continued strategic actions and asset management, the company remains committed to delivering value to its stakeholders in the evolving hospitality landscape.

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