Ashford Hospitality Trust offloads 3 assets for nearly $70M

Core Viewpoint - Ashford Hospitality Trust has signed agreements to sell three hotel assets for approximately $69.5 million, aiming to improve cash flow and reduce capital expenditure obligations [1][2][3]. Group 1: Asset Sales - The properties being sold include Le Pavillon in New Orleans for $42.5 million, and two Embassy Suites in Texas for a combined $27 million [2][5]. - The sale of Le Pavillon is expected to close by the end of December 2023, while the Embassy Suites sales are projected to close in January 2026 [4][5]. Group 2: Financial Impact - The sales are anticipated to generate over $2 million in annual cash flow improvement and save $14.5 million in future capital expenditures [2]. - The majority of the proceeds will be used to retire mortgage debt and enhance cash flow after debt service [3]. Group 3: Strategic Direction - The company emphasizes that strategic asset sales are crucial for deleveraging and improving liquidity [3]. - Ashford's disciplined approach is aimed at positioning the company for sustained value creation [4]. Group 4: Portfolio Overview - Ashford focuses on upper upscale, full-service hotels, with a portfolio that includes over 60 properties [7].