Stephen Zsigray Of Ashford Hospitality Trust Sells Three Hotels For $69.5 Million

Three hotels have been sold by Ashford Hospitality Trust, which included Le Pavillon located at 833 Poydras Street in New Orleans, Embassy Suites Austin Arboretum at 2911 Sage Road, and Embassy Suites Houston Near the Galleria at 9505 Stonelake Boulevard. The total transaction amount is $69,500,000, encompassing 526 keys and a price per key of $132,129, within the markets of Houston & Austin, TX, and New Orleans, LA.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $69,500,000
• Seller: Stephen Zsigray
• Company: Ashford Hospitality Trust
• Keys: 526
• Price per Key: $132,129
• Addresses: 2911 Sage Road, 9505 Stonelake Boulevard, 833 Poydras Street
• Markets: Houston & Austin, TX; New Orleans, LA

The divestitures are anticipated to enhance annual cash flow by over $2 million, provide savings of $14.5 million in future capital expenditures, and allow Ashford Hospitality Trust to retire existing mortgage debt.