Ashford Hospitality Trust Inc. has entered into definitive agreements to sell two properties—La Posada de Santa Fe, a Tribute Portfolio Resort & Spa in Santa Fe, NM, for $57.5 million, and Hilton St. Petersburg Bayfront in St. Petersburg, FL, for $96 million—and has closed on the sales of two previously disclosed transactions.
The company said it has received strong interest from buyers on multiple assets, demonstrating the underlying value in its portfolio. These activities support Ashford’s ongoing strategy to deleverage, increase liquidity and improve cash flow.
“We continue to see depth in buyer interest across our portfolio result in strong asset valuations,” said Stephen Zsigray, president/CEO, Ashford Hospitality Trust Inc. “Strategic sales continue to be a core component of our plan to reduce leverage and improve cash flow via interest expense and capital expenditure relief. Proceeds from these transactions are primarily used to retire debt, positioning the company for long-term value creation.”
The agreement for the 157-room La Posada de Santa Fe Resort & Spa is valued at $364,000 per key. The sale is expected to be completed in March and is subject to normal closing conditions. The company provides no assurances that the sale will be completed on these terms or at all.
When adjusted for Ashord’s anticipated capital expenditures of $18 million, the sale price represents a 5.9% capitalization rate on net operating income or a multiple of 15.1 times Hotel EBITDA for the 12 months ended Dec. 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 7.8% capitalization rate on net operating income or a multiple of 11.5 times Hotel EBITDA for the 12 months ended Dec. 31, 2025.
The agreement for the 333-room Hilton St. Petersburg Bayfront is valued at $288,000 per key. The sale is expected to be completed in March and is subject to normal closing conditions. The company provides no assurances that the sale will be completed on these terms or at all.
When adjusted for Ashford’s anticipated capital expenditures of $23 million, the sale price represents a 5.5% capitalization rate on net operating income or a multiple of 16.1 times Hotel EBITDA for the 12 months ended Dec. 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 6.8% capitalization rate on net operating income or a multiple of 13.0 times Hotel EBITDA for the 12 months ended Dec. 31, 2025.
Closed transactions
Ashford Trust has successfully closed on the previously announced sales of the Embassy Suites by Hilton Houston Near the Galleria and the Embassy Suites by Hilton Austin Arboretum, representing 300 rooms. These transactions generated $27 million in gross proceeds, or $90,000 per key.
When adjusted for the company’s anticipated capital expenditures of $14.5 million, the sale price represents a 1.7% capitalization rate on net operating income or a multiple of 34.5 times Hotel EBITDA for the 12 months ended Dec. 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 2.7% capitalization rate on net operating income or a multiple of 22.5 times Hotel EBITDA for the 12 months ended Dec. 31, 2025.
Together, these four sales are expected to contribute to more than $2 million in annual cash flow improvement and $55.5 million in future capital expenditure savings based on current mortgage interest rates.
