On Tuesday, Ashford Hospitality Trust, Inc. (AHT) announced the successful sale of the Courtyard Boston Downtown for $123 million. The undisclosed buyer purchased the 315-key hotel at a rate of $390,500 per key.
According to AHT’s president and CEO Stephen Zsigray, this sale not only reduced their BAML Highland Pool loan but also resulted in significant cost savings for future capital expenditures. He also noted that they are seeing improved market sentiment and progress with their GRO AHT initiative as evidenced by strong revenue growth in December.
The Dallas-based hospitality REIT had previously announced plans to sell the property in December. At that time, they stated that the sale price represented a 5.9% cap rate on NOI for the trailing 12 months ended Sept. 30th of this year.
