Ashford Hospitality Trust announced that it has signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake, located in Houston, Texas, for $27.0 million. The sale is expected to be completed in June 2025 and is subject to normal closing conditions.
When adjusted for the company's anticipated capital expenditures, the sale price represents a 3.2% capitalization rate on net operating income for the trailing twelve months ended April 30, 2025. Excluding anticipated capital spend, the sale price represents a 5.0% capitalization rate on net operating income.
Stephen Zsigray, Ashford Trust's President and Chief Executive Officer, stated that this sale will deleverage the company's Morgan Stanley 17 Pool loan and result in significant capital expenditure savings. He added that the company is pursuing similar opportunistic sales to further transform the company.
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