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Ashford Trust Closes on $146M Sale to Noble

DALLAS—The 1,396-key portfolio includes three properties in the resort community of Lake Buena Vista, FL; it’s “a significant first step” in selling the REIT’s non-core assets, says CEO Monty Bennett.

A Courtyard By Marriott hotel The Courtyard Orlando Lake Buena Vista is one of three properties in this Florida resort community that have traded to Noble.

DALLAS—Ashford Hospitality Trust said Wednesday it had completed the sale of five select-service hotels to Noble Investment Group. The Dallas-based REIT has also agreed to sell a pair of Palm Desert, CA properties in a separate transaction.

Another hotel REIT advised by Ashford Inc., Ashford Hospitality Prime, had news of its own on Wednesday. In the latest salvo in a proxy battle between Ashford Prime and activist investor Sessa Capital, proxy advisory firm Egan-Jones recommended that the REIT’s shareholders vote for its current slate of directors.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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