Ashford Hospitality Trust Announces Agreement to Sell Residence Inn San Diego Sorrento Mesa for $42 Million
Ashford Hospitality Trust, Inc. $(AHT)$ has announced a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa in San Diego, California, for $42 million, equating to $280,000 per room. The transaction is anticipated to close in October 2025, pending standard closing conditions. The sale price, when adjusted for anticipated capital expenditures of $16 million, equates to a 5.7% capitalization rate on net operating income and a 15.3 times multiple of Hotel EBITDA for the twelve months ending July 31, 2025. Without the capital spend, the sale reflects a 7.9% capitalization rate and an 11.1 times EBITDA multiple. This strategic move aligns with Ashford's ongoing efforts to deleverage its portfolio and enhance shareholder value, according to President and CEO Stephen Zsigray. Ashford Hospitality Trust is a REIT specializing in upper upscale, full-service hotels.
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