The Ashford Hospitality Trust, in a joint venture with Prudential Financial, has acquired 28 hotel properties from Highland Hospitality for $1.27bn.
The acquisition includes 19 full-service hotels and nine select-service hotels, with brands including Ritz-Carlton, Marriott, Hilton, Hyatt, Renaissance, Sheraton, Westin, Crowne Plaza, Hilton Garden Inn, Courtyard, Residence Inn and Hampton Inn.
The transaction includes $150m cash and $786m in assumed debt.
Ashford invested $150m in the joint venture and will own a 71.74% share.
The joint venture is to invest $43m in upgrading these hotels during the next ten months.