ASHFORD HOSPITALITY TRUST INC (AHT): M&A transaction — Ashford Hospitality Trust closes $87M sale of One Ocean Resort; net debt cut 400 bps

ASHFORD HOSPITALITY TRUST INC

Sold 193-room One Ocean Resort in Atlantic Beach, FL, for $87M in cash, subject to prorations.
Sale proceeds used for debt reduction and general corporate purposes.
Net debt to gross assets now ~66%, a 400 bps reduction from beginning of 2024.
Strategic financing balance stands at ~$98M; raised ~$139M from non-traded preferred stock.
Additional assets remain in the market at various stages of the sales process.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ASHFORD HOSPITALITY TRUST INC completed a disposition involving ACS One Ocean Propco LLC for $87 million in cash (closed 2024-06-27).

Action: disposition
Counterparty: ACS One Ocean Propco LLC
Consideration: $87 million in cash
Closing: 2024-06-27

Exact text from the filing

On June 27, 2024, Ashford Atlantic Beach LP and Ashford TRS Atlantic Beach LLC, indirect wholly owned subsidiaries of Ashford Hospitality Trust, Inc. (the “Company”), completed the sale of the One Ocean Resort located in Atlantic Beach, Florida pursuant to an Agreement of Purchase and Sale, entered into effective as of May 31, 2024, by and among Ashford Atlantic Beach LP and Ashford TRS Atlantic Beach LLC, as seller, and ACS One Ocean Propco LLC, as purchaser, for $87 million in cash, subject to customary pro-rations and adjustments.

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28 m&a transactions filed in the last 30 days. Browse all m&a transactions →

ASHFORD HOSPITALITY TRUST INC filing history →

Source: SEC EDGAR

accession 0001232582-24-000081

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