This portfolio comprises the 146-room Courtyard Edison in Edison, New Jersey; the 150-room Residence Inn Buckhead in Atlanta; and the 312-room Courtyard Lake Buena Vista, 388-room Fairfield Inn Lake Buena Vista and 400-room Springhill Suites Lake Buena Vista in Orlando.
Purchase price, including projected capex to be invested by Noble, represents a trailing 12-month cap rate of 8% on net operating income.
On a trailing 12-month basis, the portfolio achieved RevPAR of $84, with occupancy of 79% and average daily rate of $106.
This portfolio has an existing debt balance of around $98m.
Ashford expects the net proceeds from the sale to be approximately $37m after debt repayment and transaction costs.
It intends to use the net proceeds from the sale for general corporate purposes including net debt reduction, stock buybacks, or the acquisition of full-service hotels in line with its refined investment strategy.
The transaction is scheduled to close in the second quarter.
Ashford Trust chairman and chief executive officer Monty J. Bennett said: "We are pleased to announce this sale as it provides a positive first step in our announced strategy of divesting of our non-core, select-service assets.
"We will continue to pursue the sale of these hotels with a focus on maximizing value for our shareholders."
A real estate investment trust (REIT), Ashford Hospitality Trust is focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.