An Ashford spokesman tells GlobeSt.com that the sale was part of the REIT's overall goal of $600 million in asset sales in 2008. So far this year, the trust has sold or put under firm contract more than $217 million as part of its capital recycling strategy, he says.

The 605-room property sold for a 3.6% NOI cap rate, the spokesman says. The facility includes a large banquet and meeting area for more than 1,000 people, as well as restaurants, a large pool, a gym and spa. The hotel is in the heart of the entertainment and shopping district. The transaction is expected to close on June 13.

Pandox also owns the InterContinental hotel in Montreal, which it bought in July, and this new purchase brings its holdings in the city to almost 1,000 rooms. "We're continuing our expansion in North America because the hotel fullfils our strategic criteria with regard to city, size and location, said Anders Nissen, CEO of the firm, in a statement. "In addition, we are convinced that we can further develop the hotel in cooperation with Hyatt. The acquisition gives us access to a critical mass in Montreal, a market we've gradually increased our knowledge of and recognized a significant potential in." Nissen's firm will take over management with assistance from Hyatt.