Ashford completes $62mn sales

6th Nov 2007

Ashford Hospitality Trust has completed the previously disclosed sale of the Residence Inn Atlanta Perimeter West in Atlanta, Georgia and the Residence Inn Torrance in Torrance, California, for $61.5 million in cash. The Company had announced in early October that both assets were under firm contract.

To date in the fourth quarter, the Company has sold $86.5 million of assets and has been able to pay down, after taking into account debt prepayment requirements, $92.7 million of debt since September 30, 2007. The Company has two additional assets under firm contract, the Residence Inn Kansas City in Kansas City, Missouri, and the Marriott BWI Airport in Baltimore, Maryland, both of which are expected to close in the fourth quarter subject to customary closing conditions.


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