Ashford Hospitality Trust Sells Boston Property, Works Toward Debt Reduction

Ashford Hospitality Trust Inc. (NYSE: AHT), a sponsor of two non-listed preferred stock offerings, has closed on the sale of the 25-story, 390-room Hilton Boston Back Bay for $171 million ($438,000 per key) in cash.

Multiple news sources cited the buyers as New York-based Cetares Management and California-based Belcourt Capital Partners. All the proceeds from the sale were used for Ashford’s debt reduction, including approximately $68 million to pay down the company’s strategic financing.

“We are pleased to announce the closing of the sale of the Hilton Boston Back Bay for a very attractive value and the significant progress we’ve made in paying down our strategic financing,” commented Rob Hays, Ashford Trust’s president and chief executive officer. “With this recent paydown, the remaining balance on our strategic financing is now approximately $112 million, and going forward, we plan to make regular paydowns with proceeds from the sale of our non-traded preferred stock and other asset sales.

Ashford put a dozen of its hotels – including this Hilton – up for sale this year as part of a plan to raise funds to pay off financing set to mature in January 2026 and deleverage its balance sheet.

“We continue to have several assets in the market at various stages of the sales process and look forward to providing more updates in the coming weeks,” added Hays.

Ashford Hospitality Trust is a real estate investment trust focused on investing predominantly in upper upscale, full-service hotels.

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