{"id":1004155034,"date":"2016-10-11T05:02:11","date_gmt":"2016-10-11T13:02:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155034"},"modified":"2020-04-24T08:23:13","modified_gmt":"2020-04-24T16:23:13","slug":"ashford-trust-completes-sale-of-two-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-trust-completes-sale-of-two-hotel-portfolio\/","title":{"rendered":"Ashford Trust Completes Sale of Two-Hotel Portfolio"},"content":{"rendered":"

by Csilla Borsos<\/em><\/p>\n

\"Courtyard<\/a>

Courtyard Palm Desert<\/p><\/div>\n

Palm Desert, Calif.\u2014<\/strong>Ashford Hospitality Trust<\/a>\u00a0has completed the sale of a two-hotel portfolio<\/a>, consisting of the\u00a0151-key Courtyard Palm Desert and the\u00a0130-key Residence Inn Palm Desert. The deal totaled\u00a0$36 million or $128,000 per key and the buyer assumed the assets\u2019 existing debt of roughly $24 million.<\/p>\n

Courtyard Palm Desert<\/a> is situated at\u00a074895 Frank Sinatra Drive, just 3.3-miles away\u00a0from the Desert Willow Golf Resort. Amenities include a\u00a0pool, a meeting room, free parking and a fitness center, as well as\u00a0a restaurant and lounge.<\/p>\n

Residence Inn Palm Desert<\/a>\u00a0is located at 38305 Cook St., only\u00a0<\/span>5.7 miles from Mission Hills Country Club and\u00a0offers guests free parking, a fitness center, pool and business rooms.<\/span><\/p>\n

On a trailing 12-month basis, the portfolio achieved RevPAR of $92 with a 74 percent occupancy and average daily rate of $123. With this deal, Ashford has now closed on approximately $218 million of sales of its non-core, select-service hotels.<\/p>\n

“The completion of this portfolio sale brings the total number of assets sold to nine since we announced our select-service sales strategy earlier this year. We will continue to pursue opportunities to divest of our non-core, select-service hotels,” Monty Bennet, Ashford\u2019s chairman & CEO, said in prepared remarks.<\/p>\n

Image courtesy of Marriott<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer assumed the existing debt of $24 million and obtained net proceeds of roughly $11 million. <\/p>\n","protected":false},"author":1020,"featured_media":1004155040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,1594,21742,15],"tags":[],"class_list":["post-1004155034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-hotel","category-los-angeles","category-latest","category-west"],"acf":[],"yoast_head":"\nAshford Trust Completes Sale of Two-Hotel Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-completes-sale-of-two-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashford Trust Completes Sale of Two-Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"The buyer assumed the existing debt of $24 million and obtained net proceeds of roughly $11 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-completes-sale-of-two-hotel-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-11T13:02:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-24T16:23:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Courtyard-Palm-Desert.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"610\" \/>\n\t<meta property=\"og:image:height\" content=\"423\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Csilla Borsos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-completes-sale-of-two-hotel-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-completes-sale-of-two-hotel-portfolio\/\",\"name\":\"Ashford Trust Completes Sale of Two-Hotel Portfolio - 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