Friday, June 28, 2024 Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) announced today the completion of the sale of the 193-room One Ocean Resort located in Atlantic Beach, Florida. The proceeds from this sale will be utilized for debt reduction and general corporate purposes.
Following the sale, the Company’s net debt to gross assets ratio is approximately 66%, marking a 400 basis point improvement since the start of the year. The Company’s strategic financing balance now stands at around $98 million, and it has raised about $139 million in gross proceeds from the sale of its non-traded preferred stock. Ashford Trust continues to market additional assets at various stages of the sales process.
Ashford Hospitality Trust is a real estate investment trust (REIT) primarily focused on investing in upper upscale, full-service hotels. Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans.
These forward-looking statements are subject to risks and uncertainties. When we use words like “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “could,” “plan,” or .
