Ashford Hospitality Trust announced it has signed a definitive agreement to sell the 315-room Courtyard Boston Downtown, located in Boston, Massachusetts, for $123.0 million. This price translates to approximately $390,500 per key.
The sale is expected to be completed in January 2025 and is subject to normal closing conditions. When adjusted for the company's anticipated capital expenditures, the sale price represents a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024.
Stephen Zsigray, Ashford Trust's President and Chief Executive Officer, stated that this sale will not only deleverage the company's BAML Highland Pool loan but will also result in significant capital expenditure savings. He noted that the company has several other assets in the market at various stages of the sales process.
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