Ashford Hospitality Trust contributes four hotels to Stirling REIT for 1.4M units valued at ~$35M

ASHFORD HOSPITALITY TRUST INC

Contributed equity interests in four hotel assets for 1,400,943 Class I units of Stirling Operating Partnership.
Net contribution value ~$35M (appraised $56.2M less assumed $30.2M debt plus ~$9M net working capital).
Lock-up: no unit transfer for 1 year; no redemption for 3 years; distributions reinvested through Dec 31, 2024.
Stirling prohibited from selling Initial Portfolio properties for 3 years, subject to exceptions.
Existing loan from Bank of America, N.A. assumed by Stirling as part of the transaction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ASHFORD HOSPITALITY TRUST INC entered into Contribution Agreement with Stirling REIT OP, LP valued at approximately $35 million (effective 2023-12-06).

Action: entry
Agreement: asset purchase
Counterparty: Stirling REIT OP, LP
Value: approximately $35 million
Effective: 2023-12-06

Exact text from the filing

On December 6, 2023 (the “ Closing ”), Ashford Hospitality Trust, Inc.’s subsidiaries, Ashford Hospitality Limited Partnership and Ashford TRS Corporation (together, the “ Company ”), entered into a Contribution Agreement (the “ Contribution Agreement ”) with Stirling REIT OP, LP (the “ Stirling Operating Partnership ”), a subsidiary of Stirling Hotels & Resorts, Inc. (“ Stirling ”).

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ASHFORD HOSPITALITY TRUST INC filing history →

Source: SEC EDGAR

accession 0001104659-23-123965

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