Ashford Inks Agreement to Sell Residence Inn San Diego Sorrento Mesa

Key Takeaways Ashford signed an agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa for $42M.The deal implies a 5.7% cap rate with expected $16M capital spend, or 7.9% cap rate without the spend.CEO says the sale supports deleveraging efforts and enhances financial flexibility for AHT.Ashford Hospitality Trust (AHT) recently signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa in San Diego, CA, for $42 million. Subject to closing conditions, the sale is e ...