Ashford Hospitality to sell Residence Inn located in Salt Lake City, Utah

Ashford Hospitality Trust announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah for $19.2M. The sale is expected to be completed in early March and is subject to normal closing conditions. The company provides no assurances that the sale will be completed on these terms or at all. When adjusted for the company’s anticipated capital expenditures, the sale price represents a 4.6% capitalization rate on 2023 net operating income, or 18.2x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represents a 6.0% capitalization rate on 2023 net operating income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the sale are expected to be used to pay down debt.