Ashford Hospitality Trust has signed an agreement to acquire Memphis Marriott East hotel in Tennessee, US, for around $43.5m.

Remington Lodging will manage the 232-room property, upon closing of the deal.

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Ashford Hospitality Trust chairman and CEO Monty Bennett said: "This transaction was particularly attractive given the hotel’s prime location and market attributes, which include no new competitive supply projected for the submarket and stable corporate demand generators.

"We expect to achieve continued solid increases in RevPAR penetration as the property stabilises."

"After the installation of our affiliated property manager, Remington Lodging, we expect to achieve continued solid increases in RevPAR penetration as the property stabilises."

Situated at the centre of East Memphis, the property is near to upscale restaurants and shopping, as well as attractions such as Elvis’ Graceland, Beale Street and Historic Downtown Memphis.

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It includes well-equipped guestrooms and six meeting rooms with around 8,960ft² of meeting space.

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In addition, the property features an indoor pool and whirlpool, 24-hour fitness centre, Table – A Delta Grill restaurant, and complimentary on-site parking.

The deal is expected to be completed within the next 30 days, according to Ashford.

Ashford has also signed a separate agreement to acquire the 168-room Lakeway Resort & Spa in Austin, Texas, for around $33.5m, in this month.