Ashford Hospitality Trust, a real estate investment trust company, yesterday announced the $224 million acquisition of nine hotels to be managed by Remington Lodging upon closing.
“We are pleased to announce this strategic and accretive transaction,” says Monty J. Bennett, chairman and CEO of Ashford Trust. “This portfolio afforded us the opportunity to acquire well-placed, well-conditioned assets with strong and diverse brands that will expand the geographic footprint of our platform. With the installation of Remington property management at all of these properties, we see substantial upside to the operating performance across this portfolio.”
The 1,251-room portfolio includes the 210-room Courtyard Boston Billerica; 128-room Courtyard Wichita Old Town in Kansas; 101-room Residence Inn Stillwater in Stillwater, Oklahoma; 145-room Hampton Inn & Suites Columbus Easton in Ohio; 103-room Hampton Inn & Suites Pittsburgh Washington; 113-room Hampton Inn & Suites Pittsburgh Waterfront; 148-room Homewood Suites Pittsburgh Southpointe; 106-room Hampton Inn Phoenix Airport; and the 197-room Sheraton Ann Arbor in Michigan.
All of the properties are relatively new assets, averaging seven years old.
