Ashford Hospitality Trust acquires nine hotels in US for $224m

18th June 2015 (Last Updated June 18th, 2015 05:34)

US-based Ashford Hospitality Trust has completed the acquisition of a nine-hotel portfolio in the US, totalling 1,251 rooms, for $224m.

US-based Ashford Hospitality Trust has completed the acquisition of a nine-hotel portfolio in the US, totalling 1,251 rooms, for $224m.

Acquired properties include Marriott’s 210-room Courtyard Boston Billerica in Boston, Massachusetts, 128-room Courtyard Wichita Old Town in Wichita, Kansas, Hilton’s 145-room Hampton Inn & Suites Columbus Easton in Columbus, Ohio, as well as the 103-room Hampton Inn & Suites Pittsburgh, Washington and 113-room Hampton Inn & Suites Pittsburgh Waterfront in Pittsburgh, Pennsylvania.

The company also acquired Hilton’s 106-room Hampton Inn Phoenix Airport in Phoenix, Arizona, 148-room Homewood Suites Pittsburgh Southpointe in Pittsburgh, Marriott’s 101-room Residence Inn Stillwater located in Stillwater, Oklahoma and Starwood’s 197-room Sheraton in Ann Arbor, Michigan.

"In June, Ashford Hospitality Trust also acquired the 226-room Le Pavillon Hotel in New Orleans, Louisiana for $62.5m and W Atlanta Downtown hotel for $56.8m."

The acquired properties are currently managed by Remington Lodging, said Ashford.

Ashford Hospitality Trust chairman Monty Bennett said: "We are excited to have completed this accretive transaction, which allowed us to further expand the geographic footprint of our diverse portfolio with well-located assets affiliated with strong and diverse brands.

"With the installation of Remington property management at all of these properties, we look forward to being able to realise solid increases in operating performance at these hotels."

In June, Ashford Hospitality Trust also acquired the 226-room Le Pavillon Hotel in New Orleans, Louisiana for $62.5m and W Atlanta Downtown hotel for $56.8m.