Dallas-based Ashford Hospitality Trust Inc. has closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million.
The company said all of the proceeds from the sale were used for debt reduction, including roughly $68 million to pay down its strategic financing.
“We’re pleased to announce the closing of the sale of the Hilton Boston Back Bay for a very attractive value and the significant progress we’ve made in paying down our strategic financing,” Rob Hays, Ashford Trust’s president and CEO, said in a statement. “With this recent paydown, the remaining balance on our strategic financing is now approximately $112 million, and going forward, we plan to make regular paydowns with proceeds from the sale of our non-traded preferred stock and other asset sales. We continue to have several assets in the market at various stages of the sales process and look forward to providing more updates in the coming weeks.”
Located in Boston’s Back Bay neighborhood, the hotel is a five-minute walk from Prudential Center and three blocks from Fenway Park, the home of the Boston Red Sox. The Charles River, Boston Commons, and many historical and cultural venues are within walking distance.
Ashford Hospitality Trust is a real estate investment trust focused on investing predominantly in upper upscale, full-service hotels.
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