Details about the buyers weren't available by publication time. Non-refundable earnest money is resting against the 168-room Holiday Inn in Coral Gables, FL; 72-room Inn on the Square in Falmouth, MA; 136-room Gull Wing Suites in South Yarmouth, MA; 110-room Howard Johnson Commack in Commack, NY; and 80-room Howard Johnson Westbury in Westbury, NY. Three sales will close this month and the balance will be ushered across the finish line before Dec. 31, according to the Dallas-based REIT's press release.
"With these latest agreements, we are on track to finalize the disposition of all eight non-core assets for a total sale price of nearly $9 million higher than we had originally anticipated," says Monty J. Bennett, the REIT's president and CEO.
CB Richard Ellis Inc. and Molinaro Koger teams are brokering the hotel sales. Ashford execs reported four of the eight "non-core" assets had a trailing 12-month negative net operating income. The hotels were part of a 21-property acquisition, with 4,094 rooms in nine states, from affiliates of the Fisher Brothers, Gordon Getty Trust and George Soros. For previous story, click here.
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