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Ashford Hospitality Trust Inc. recently revealed that it has entered into a new franchise agreement for the 252-room Hilton Alexandria Old Town that it acquired in June 2018. Under the new franchise agreement, the hotel will transition from being Hilton-managed to being managed by Remington Lodging.
According to a prepared statement, the management conversion is effective as of October 1, 2019 and does not require a property improvement plan.
“We are pleased with the conversion of the Hilton Alexandria to a franchised property as we believe that there is a valuation premium to franchised hotels,” said Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer. “Our goal is to maximize the value of our assets and we will continue to pursue transactions like this that we believe will enhance shareholder returns.”
Ashford Hospitality Trust is a real estate investment trust focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.