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Ashford Prime Finalizes Non-Core Strategy

The luxury hotel REIT’s remaining non-core assets were either sold, slated for repositioning or marketed for sale as of Wednesday afternoon.

Exterior of Marriott Hotel The Marriott Plano Legacy, which traded for $104 million, was among the last of Ashford Prime’s non-core properties.

DALLAS—Ashford Hospitality Prime Inc., the luxury-focused REIT spun off from Ashford Hospitality Trust in 2013, said Wednesday afternoon it had finalized its strategy for its non-core properties. The final pieces of the puzzle fell into place with an agreement with Marriott to convert its Courtyard San Francisco to an Autograph Collection property and the hiring of the Placenia Group to market its Renaissance Tampa for sale.

Earlier on Wednesday, Ashford Prime had finalized the sale of the Marriott Plano Legacy for $104 million. The buyer was not disclosed; the Dallas Morning News reported Wednesday that the 404-key hotel, near the Legacy Town Center and Legacy West developments, was acquired by a Pennsylvania-based investment firm.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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