In a press release this morning, the Dallas-based Ashford saysthe team is projecting that the transaction will be earningsneutral to the company. The reworked agreement does not impact the544-room Capital Hilton at 1001 16th St. NW in Washington, DC and394-room Hilton La Jolla Torrey Pines at 10950 N. Torrey Pines Rd.in La Jolla, CA, which they hold under a 75-25% split with thelocal REIT as the majority owner. Ashford acquired the 13 hotels,with Hilton as the management company, in its $2.4-billion buyout ofOrlando-based CNL Hotels & Resorts Inc. in April.

"With full control of the hotels, we will be able to moreefficiently direct the operational, financing, capital expenditureand sale strategies," Monty J. Bennett, Ashford's president andCEO, says in the press release. In addition, he says the revisedagreement "facilitates a reduction in our inherited overexposure tothe Crystal City-Washington, DC market, where we have our highestconcentration of hotel assets." Shortly after the CNL buyout,Ashford was considering putting 10 hotels, totaling 3,553 keys, forresale.

In divvying the portfolio,Under the new agreement, the BeverlyHills, CA-headquartered Hilton gets the 419-room Hilton MiamiAirport at 5101 Blue Lagoon Dr. in Miami and 475-key DoubletreeCrystal City at 300 Army Navy Dr. in Arlington, VA.