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**Ashford Hospitality Trust to Sell Residence Inn San Diego Sorrento Mesa for $42M**
Dallas-based Ashford Hospitality Trust has entered into a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa for $42 million, equating to approximately $280,000 per key. The buyer remains undisclosed, and the transaction is expected to close in October, pending customary closing conditions. The real estate investment trust (REIT) has noted there is no certainty the deal will close under the current terms.
When excluding a planned capital expenditure of $16 million, the transaction reflects a capitalization rate of 7.9% on net operating income (NOI) or an 11.1x multiple on hotel EBITDA for the 12-month period ending July 31, 2025.
“This planned sale reflects our ongoing strategy to opportunistically deleverage the portfolio while creating value for our shareholders,” said Stephen Zsigray, president and CEO of Ashford Hospitality Trust. “This transaction provides us with increased financial flexibility moving forward.”
The sale marks another step in Ashford’s broader strategy to strengthen its balance sheet through targeted dispositions.
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