Ashford Trust to sell Hilton Boston Back Bay for $171M; net proceeds ~$70M to pay down strategic financing

ASHFORD HOSPITALITY TRUST INC

Sale price of $171M ($438k per key); expected to close in March 2024.
Net proceeds estimated at ~$70M after repaying underlying mortgage debt and closing costs.
Proceeds to be used for general corporate purposes including paydown of strategic financing.
For TTM Dec 2023: Hotel EBITDA $16.7M, NOI $14.9M; sale implies 12.3x EBITDA / 7.3% cap rate (after capex).
Company has multiple other assets in sales process as part of plan to pay off strategic financing.

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 Agreement of Purchase and Sale with Beantown Hotel Owner LLC valued at $171 million (effective 2024-01-29).

Action: entry
Agreement: asset purchase
Counterparty: Beantown Hotel Owner LLC
Value: $171 million
Effective: 2024-01-29

Exact text from the filing

On January 29, 2024 (the “Effective Date”), PIM Boston Back Bay LLC and PIM TRS Boston Back Bay LLC (together, “Seller”), indirect wholly owned subsidiaries of Ashford Hospitality Trust, Inc. (the “Company”), entered into an Agreement of Purchase and Sale (the “Agreement”) with Beantown Hotel Owner LLC, as purchaser (“Purchaser”), for the sale of Hilton Boston Back Bay Hotel (the “Hotel”) for $171 million in cash, subject to customary pro-rations and adjustments (the “Purchase Price”).

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ASHFORD HOSPITALITY TRUST INC filing history →

Source: SEC EDGAR

accession 0001232582-24-000023

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