Ashford Hospitality Trust announced the sale of 79 owned units as well as the public space at the WorldQuest Resort in Orlando for $14.8 million. That’s $187,000 per owned unit.
The Central Florida property was unencumbered by debt, and the net proceeds from the sale will be used to pay down the company’s corporate financing.
“We are pleased to complete the sale of the WorldQuest Resort at an attractive valuation during a challenging time in the hotel transaction market,” said Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We also continue to look at other potential asset sales to improve the overall quality of our portfolio and ultimately pay down our corporate financing.”
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
