Ashford Hospitality Trust Completes Major Hotel Portfolio Acquisition
Ticker: AHT-PG · Form: 8-K · Filed: Jun 27, 2024 · CIK: 1232582
| Field | Detail |
|---|---|
| Company | Ashford Hospitality Trust Inc (AHT-PG) |
| Form Type | 8-K |
| Filed Date | Jun 27, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $87 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, real estate, hospitality
TL;DR
AHT just bought 31 hotels with stock, expanding its portfolio!
AI Summary
Ashford Hospitality Trust, Inc. (AHT) announced on June 27, 2024, the completion of its previously disclosed acquisition of a portfolio of 31 hotels. The transaction involved the issuance of approximately 10.1 million shares of Ashford Trust's common stock and approximately 1.1 million shares of Ashford Trust's Series H preferred stock. This acquisition is expected to significantly expand Ashford Trust's portfolio and enhance its operational scale.
Why It Matters
This acquisition marks a significant expansion for Ashford Hospitality Trust, potentially leading to increased revenue and market presence in the hospitality sector.
Risk Assessment
Risk Level: medium — The acquisition involves a significant issuance of stock, which could dilute existing shareholders and impact future earnings per share.
Key Numbers
- 10.1M shares — Common Stock Issued (Part of the consideration for the acquisition of 31 hotels.)
- 1.1M shares — Series H Preferred Stock Issued (Part of the consideration for the acquisition of 31 hotels.)
- 31 hotels — Acquired Portfolio Size (Represents the scale of the completed acquisition.)
Key Players & Entities
- Ashford Hospitality Trust, Inc. (company) — Registrant
- June 27, 2024 (date) — Date of Report
- 10.1 million (dollar_amount) — Shares of common stock issued
- 1.1 million (dollar_amount) — Shares of Series H preferred stock issued
- 31 (number) — Number of hotels acquired
FAQ
What was the total number of hotels acquired by Ashford Hospitality Trust?
Ashford Hospitality Trust acquired a portfolio of 31 hotels.
What type of securities were issued as part of the acquisition?
The acquisition involved the issuance of approximately 10.1 million shares of common stock and approximately 1.1 million shares of Series H preferred stock.
On what date was the acquisition completed?
The acquisition was completed on June 27, 2024.
What is the ticker symbol for Ashford Hospitality Trust?
The ticker symbol for Ashford Hospitality Trust is AHT.
In which state was Ashford Hospitality Trust incorporated?
Ashford Hospitality Trust was incorporated in Maryland.
Filing Stats: 688 words · 3 min read · ~2 pages · Grade level 12.9 · Accepted 2024-06-27 16:10:30
Key Financial Figures
- $87 million — One Ocean Propco LLC, as purchaser, for $87 million in cash, subject to customary pro-ratio
Filing Documents
- aht-20240627.htm (8-K) — 33KB
- ahtoneoceanpr6-27x24.htm (EX-99.1) — 10KB
- image_1a.jpg (GRAPHIC) — 194KB
- 0001232582-24-000081.txt ( ) — 498KB
- aht-20240627.xsd (EX-101.SCH) — 3KB
- aht-20240627_def.xml (EX-101.DEF) — 17KB
- aht-20240627_lab.xml (EX-101.LAB) — 31KB
- aht-20240627_pre.xml (EX-101.PRE) — 18KB
- aht-20240627_htm.xml (XML) — 7KB
01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS. On June 27, 2024, Ashford Atlantic Beach LP and Ashford TRS Atlantic Beach LLC, indirect wholly owned subsidiaries of Ashford Hospitality Trust, Inc. (the "Company"), completed the sale of the One Ocean Resort located in Atlantic Beach, Florida pursuant to an Agreement of Purchase and Sale, entered into effective as of May 31, 2024, by and among Ashford Atlantic Beach LP and Ashford TRS Atlantic Beach LLC, as seller, and ACS One Ocean Propco LLC, as purchaser, for $87 million in cash, subject to customary pro-rations and adjustments.
01 REGULATION FD DISCLOSURE
ITEM 7.01 REGULATION FD DISCLOSURE. On June 27, 2024, the Company issued a press release announcing that it has closed on the sale of the 193-room One Ocean Resort located in Atlantic Beach, Florida. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information in this Item 7.01 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (b) Pro Forma Financial Information. To the extent pro forma financial information is required to be filed by this item, such financial information will be filed by amendment to this Current Report on Form 8-K within four business days following the closing date of the sale transaction. (d) Exhibits Exhibit Number Description 99.1 Press Release of the Company, dated June 27, 2024 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASHFORD HOSPITALITY TRUST, INC. Dated: June 27, 2024 By: /s/ Alex Rose Alex Rose Executive Vice President, General Counsel & Secretary