Ashford Hospitality Trust, Inc. (NYSE: AHT), commonly referred to as Ashford Trust, has announced the successful completion of the sale of its WorldQuest Resort property in Orlando, Florida. The transaction, valued at $14.8 million, includes the sale of 79 owned units along with the associated public space. Impressively, this amounts to $187,000 per owned unit. Notably, the property was unburdened by any outstanding debt obligations. The resulting net proceeds from this strategic sale are earmarked for the reduction of the Company’s corporate financing.
Rob Hays, President, and Chief Executive Officer of Ashford Trust, expressed satisfaction with the outcome, particularly highlighting the advantageous valuation achieved amid the current challenges within the hotel transaction market. Hays remarked, “The successful sale of WorldQuest Resort at an appealing valuation, especially during a period of turbulence in the hotel transaction sector, is a significant achievement.” Hays further emphasized the Company’s proactive stance in enhancing its portfolio’s overall quality while concurrently working towards the reduction of corporate financing. “Our strategic focus remains on optimizing our portfolio and proactively exploring potential asset sales to reinforce our financial position,” he affirmed.
Specializing in upper upscale, full-service hotels, Ashford Hospitality Trust operates as a real estate investment trust (REIT) with a keen interest in targeted investments within this sector.