Ashford Hospitality Sells Hotel in its Expansive Portfolio

Ashford Hospitality Trust, one of real estate magnate Monty Bennett’s hotel-focused real estate investment trusts, is offloading another one of its properties.

Ashford sold the 150-key Embassy Suites by Hilton Dallas to DG Lodging, an entity controlled by Ketan Keshav, for $17 million — around $133,000 per key — according to the Dallas Business Journal. Ashford told the outlet it took in about $16.6 million after selling expenses were factored in. Ashford claims it paid an additional $16 million to the mortgage lender.

The hotel at 14021 Noel Road is the latest property to be sold by Ashford. Since April, the trust has sold five hotels: La Posada de Santa Fe in New Mexico, Hilton Alexandria Old Town in Virginia and the Hilton Street Petersburg Bayfront and Hilton Palm Beach Gardens PGA Boulevard in Florida.

The Embassy Suites by Hilton Dallas completes the REIT’s April plans to sell off six of the hotels in their portfolio, although a sale of the Lakeway Resort & Spa in Austin, Texas remains pending, according to the outlet. Following the sale of the Lakeway hotel, Ashford will hold 61 properties across the United States in total.

Bennett’s Ashford Incorporated advises Ashford Hospitality Trust and Braemar Hotels and Resorts, which was divorced from Ashford Hospitality around a decade ago. Braemar plans to sell its entire portfolio, totaling 14 properties.

“Hotel portfolios like the Braemar portfolio do not come to the market very often,” Bennett said in August.

Earlier this month, Braemar’s largest shareholder began pushing to clean house in the company’s board, contending that the liquidation would devastate public investor values while making an adviser with ties to Bennett rich, according to Bisnow.

The liquidation comes after Ashford failed to refinance a $590 million portfolio of 18 hotels last year. The debt was flagged for special servicing in June 2024 after a missed balloon payment.

— Hunter Cooke