DALLAS, June 13, 2024 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today
announced that it has closed on the sale of the 90-room SpringHill
Suites and the 86-room Fairfield Inn located in Kennesaw, Georgia for $17.5 million. The sale price represented a
4.8% capitalization rate on trailing 12-month net operating income
through April 2024. The hotels
were encumbered with a mortgage loan that had an outstanding
balance of approximately $10.8
million. All remaining proceeds from the sale will be
used for general corporate purposes, including the pay down of the
Company's strategic financing.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," "could,"
"plan," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to numerous
assumptions and uncertainties, many of which are outside of Ashford
Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to raise sufficient capital to pay off our
strategic financing; our ability to repay, refinance, or
restructure our debt and the debt of certain of our subsidiaries;
anticipated or expected purchases or sales of assets; our projected
operating results; completion of any pending transactions; our
understanding of our competition; market trends; projected capital
expenditures; the impact of technology on our operations and
business; general volatility of the capital markets and the market
price of our common stock and preferred stock; availability, terms
and deployment of capital; availability of qualified personnel;
changes in our industry and the markets in which we operate,
interest rates or the general economy; and the degree and nature of
our competition. These and other risk factors are more fully
discussed in Ashford Trust's filings with the Securities and
Exchange Commission.
The forward-looking statements included in this press release
are made only as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. We are not obligated to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or circumstances,
changes in expectations, or otherwise, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.