Dallas-based Ashford Hospitality Trust has signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego for $42 million or $280,000 per key to an undisclosed buyer. The sale is expected to be completed in October, subject to normal closing conditions. The REIT is providing no assurances that the sale will be completed on these terms or at all.
Excluding the anticipated capital spend of $16 million, the combined sale price represents a 7.9% cap rate on NOI or a multiple of 11.1 times Hotel EBITDA for the 12 months that ended July 31, 2025.
“The planned sale of the Residence Inn San Diego Sorrento Mesa reflects our ongoing strategy to opportunistically deleverage the portfolio while creating value for our shareholders,” said president and CEO Stephen Zsigray. “This transaction provides us with increased financial flexibility moving forward.”
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