Ashford Hospitality Trust acquired a 21-hotel portfolio for $250 million.
The 21- property, 4,094-room collection came from entities controlled by affiliates of the Fisher Brothers, the Gordon Getty Trust and George Soros.
The acquisition is expected to close by the end of next February.
The core collection includes 13 hotels and five brands, including the Houston Embassy Suites Galleria and the Fort Worth Radisson, both in Texas, and the Beverly Hills Crowne Plaza in Los Angeles.
Ashford said is spending up to $40 million for a capital improvement plan that was already underway.
Said Monty J. Bennett, president of CEO of Ashford Hospitality Trust:
“Our percentage of full-service, upper-upscale and upscale assets will increase thereby improving Ashford’s position for growth going forwards, while providing additional brand and geographic diversification.”
Ashford’s direct hotel portfolio increased to 54 properties with 9,189 rooms.
Report by David Wilkening
