Ashford Hospitality Trust has closed on the sale of the 90-room SpringHill Suites and the 86-room Fairfield Inn located in Kennesaw, Ga. for $17.5 million. Other terms were not disclosed.
The sale price represented a 4.8 percent capitalization rate on trailing 12-month net operating income through April 2024. The hotels were encumbered with a mortgage loan that had an outstanding balance of approximately $10.8 million. All remaining proceeds from the sale will be used for general corporate purposes, including the pay down of the company's strategic financing.
Ashford Hospitality Trust is a real estate investment trust focused on investing predominantly in upper upscale, full-service hotels.