Ashford Hospitality pays down debt with Hilton Boston Back Bay sale proceeds

By Wendy Van Sickle

Columbus, Ohio, April 10 – Ashford Hospitality Trust, Inc. and Ashford Hospitality LP used $68 million from the sale of the 390-room Hilton Boston Back Bay to pay down strategic financing, according to a news release.

The company said all of the proceeds from the $171 million sale were used for debt reduction.

“We are pleased to announce the closing of the sale of the Hilton Boston Back Bay for a very attractive value and the significant progress we’ve made in paying down our strategic financing,” commented Rob Hays, Ashford Trust's president and chief executive officer, in the release.

“With this recent paydown, the remaining balance on our strategic financing is now approximately $112 million, and going forward, we plan to make regular paydowns with proceeds from the sale of our non-traded preferred stock and other asset sales. We continue to have several assets in the market at various stages of the sales process and look forward to providing more updates in the coming weeks.”

Ashford is a Dallas-based real estate investment trust focused on luxury hotels.

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