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

The 605-room property sold for a 3.6% NOI cap rate, thespokesman says. The facility includes a large banquet and meetingarea for more than 1,000 people, as well as restaurants, a largepool, a gym and spa. The hotel is in the heart of the entertainmentand shopping district. The transaction is expected to close on June13.

Pandox also owns the InterContinental hotel in Montreal, whichit bought in July, and this new purchase brings its holdings in thecity to almost 1,000 rooms. "We're continuing our expansion inNorth America because the hotel fullfils our strategic criteriawith regard to city, size and location, said Anders Nissen, CEO ofthe firm, in a statement. "In addition, we are convinced that wecan further develop the hotel in cooperation with Hyatt. Theacquisition gives us access to a critical mass in Montreal, amarket we've gradually increased our knowledge of and recognized asignificant potential in." Nissen's firm will take over managementwith assistance from Hyatt.