Ashford Hospitality Trust completed the sale of La Posada de Santa Fe, Hilton St. Petersburg Bayfront, Hilton Alexandria Old Town and Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard, generating $252.5 million in gross proceeds, or $280,000 per room. On a trailing 12-month basis to December 31, 2025, these disposals reflect a 6.0% capitalization rate on net operating income (NOI) and 14.5x hotel EBITDA when adjusted for $57.6 million of anticipated capex; excluding that spend, they equate to a 7.4% cap rate and 11.8x EBITDA.

The company signed definitive agreements to sell the 168-key Lakeway Resort & Spa for $37.8 million ($225,000 per room) and the 150-key Embassy Suites by Hilton Dallas Near the Galleria for $17 million ($113,000 per room). Based on the 12 months to December 31, 2025, the combined pending sales imply a 4.8% cap rate on NOI and 16.2x EBITDA adjusted for $2.5 million of capex; excluding that spend, they yield a 5.0% cap rate and 15.5x EBITDA. Closings are expected by May 2026, subject to customary conditions.

Ashford Hospitality Trust intends to deploy most of the proceeds to reduce mortgage debt and eliminate more than $60 million in future capital expenditure obligations, thereby lowering portfolio leverage and improving cash flow after debt service. This streamlining plan advances the company’s objectives of maximizing shareholder value through deleveraging, boosting liquidity and reducing ongoing capital commitments.