Dallas-based real estate investment trust (REIT) Ashford Hospitality Trust has handed over possession and control of 14 hotels back to the loan servicers.
Ashford first announced last July that it would likely return the keys of 19 underperforming hotels to its loan servicers. In December, the REIT said it completed the transfer to lenders of five of those properties, including hotels in Arizona, California, Georgia, New Jersey and North Carolina.
Ashford said that since July, it has "been fully cooperating with the servicer for a consensual foreclosure or deed in lieu of foreclosure on these properties." Ashford said that due to the transfer, it "has no further economic interest in the operations of these hotels."
The 14 hotels are in two loan pools: a $180.7 million "Keys A" loan pool and a $174.4 million "Keys B" loan pool.
Keys A
• Courtyard Columbus Tipton Lakes -- Columbus, Indiana
• Courtyard Old Town -- Scottsdale, Arizona
• Residence Inn Hughes Center -- Las Vegas
• Residence Inn Phoenix Airport -- Phoenix
• Residence Inn San Jose Newark -- Newark, California
• SpringHill Suites Manhattan Beach -- Hawthorne, California
• SpringHill Suites Plymouth Meeting -- Plymouth Meeting, Pennsylvania.
Keys B
• Courtyard Basking Ridge -- Basking Ridge, New Jersey
• Courtyard Newark Silicon Valley -- Newark, California
• Courtyard Oakland Airport -- Oakland, California
• Courtyard Plano Legacy Park -- Plano, Texas
• Residence Inn Plano -- Plano, Texas
• SpringHill Suites BWI Airport -- Baltimore
• TownePlace Suites Manhattan Beach -- Hawthorne, California
During its fourth-quarter earnings call in late February, Ashford said it had signed a definitive agreement to sell the 390-key Hilton Boston Back Bay to an undisclosed buyer for $171 million. The company said it had operating losses of $13.3 million for the fourth quarter and $31.3 million for 2023.
Source: Hotel Investment Today