Ashford Buys into Booming ATL Hotel Story
Ashford Hospitality Buys W Atlanta on a 7 Cap;
Ashford Hospitality Buys W Atlanta on a 7 Cap;
Ashford Hospitality Trust makes public $1.28B bid for FelCor Lodging REIT, attempting hostile takeover.
It paid $195M for the property last year.
The beleaguered hospitality REIT has a plan in place to pay off its billions in debt maturing in the coming years.
The hospitality REIT announced it reached a deal to sell the 390-room hotel as part of its plan to repay $2.6B of debt.
The sale of the 315-room Courtyard Boston Downtown hotel is set to be completed in January 2025.
So far this year, revenue per available room is up 0.9%, with several operators reporting declines.
Ashford Hospitality Trust, which is saddled with $2.6B of debt, has launched a special committee to investigate "strategic alternatives."
The deal would value the company 79% more than its Tuesday closing market cap, and amounts to $1.48B including the debt involved.
Ashford Inc. and affiliates to return PPP funds in the midst of much public scrutiny. Firm blames Congress and policymakers for confusion over guidelines.
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