Ashford Hospitality Trust Enters Agreement to Sell 315-Room Courtyard Boston Downtown for $123m

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USA, Dallas, Texas. January 14, 2025

Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced that it has signed a definitive agreement to sell the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). The sale is expected to be completed in January 2025 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 the Company's anticipated capital expenditures, the sale price represents a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.

"We are pleased to announce the signed agreement to sell the Courtyard Boston Downtown at a very attractive cap rate," commented Stephen Zsigray, Ashford Trust's President and Chief Executive Officer. "This sale will not only deleverage our BAML Highland Pool loan, but will also result in significant capital expenditure savings. We continue to have several assets in the market at various stages of the sales process and are encouraged by the improved sentiment we are seeing in the transaction market."

EBITDA is defined as net income (loss), computed in accordance with generally accepted accounting principles, before interest, taxes, depreciation and amortization. Hotel EBITDA multiple is defined as the purchase price divided by the trailing 12 month EBITDA. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's hotel EBITDA minus a capital expense reserve of 5% of gross revenues.

All information in this table is based upon unaudited operating financial data for the twelve month period ended September 30, 2024. This data has not been audited or reviewed by the Company's independent registered public accounting firm. The financial information presented could change.