Dallas-based Ashford Hospitality Trust – which is surrendering more than a dozen of its hotels to lenders – plans to sell more of its properties to pay off...
Dallas-based Ashford Hospitality Trust – which is surrendering more than a dozen of its hotels to lenders – plans to sell more of its properties to pay off debts.missed mortgage payments on 19 hotels it will hand over to lenders. The hotel portfolio in default includes two North Texas properties – Courtyard Plano Legacy Park and Residence Inn Plano – and other hotels in cities including Las Vegas and Atlanta.
, the hotel firm has faced challenges to pay for loans made several years ago and often at lower interest rates.For the just-completed quarter, Ashford reported revenue of more than $343 million, compared with about $328 million in third quarter 2022. The company had a net loss of $68.6 million – up from a $25.2 million loss a year earlier.Ashford said its revenue per available room in its hotels rose by 4% in the third quarter.
The company hopes for proceeds of $100 million or more from the sale of six more properties being marketed, Hays said. It’s also making upgrades and brand changes to hotels in New Orleans and Key West, Fla. “We have got some asset sales that are coming up,” he said. “Some of the bigger assets that we are contemplating are in process.”
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