DALLAS—Ashford Hospitality Trust Inc. has completed its previously announced sale of the two-hotel portfolio comprised of the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key). Both hotels are located in Palm Desert, CA.
On a trailing 12-month basis, the portfolio achieved RevPAR of $92 with occupancy of 74% and ADR of $123. The portfolio had an existing debt balance of approximately $24 million that was assumed by the buyer. After debt assumption and transaction costs, the net proceeds were approximately $11 million. With this sale, the company has now closed on nine properties comprising approximately $218 million of sales of its non-core select-service hotels.