DALLAS—Ashford Hospitality Trust, headquartered here, and Prudential Real Estate Investors have signed an agreement for AHT to acquire the remaining 28.26% of ownership interest in the Highland Hospitality portfolio. The REIT will pay a value-add fund managed by PREI $250.1 million in cash to consolidate its ownership in the 28-property portfolio, which is valued at $1.735 billion.

The purchase price AHT is paying for the remaining ownership interest equates to a forward 12-month cap rate of 7.4% and a forward EBITDA multiple of 11.6x, and a trailing 6.9% cap and EBITDA multiple of 12.5x. The deal is expected to close in the first quarter of 2015.

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