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Ashford Trust acquires Hilton Santa Cruz/Scotts Valley for USD 50m

Mar 04, 2019 - Global Banking News
Mergers and Acquisitions

Ashford Hospitality Trust, Inc. (NYSE: AHT) has announced it has acquired the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for USD 50 million, the company said.

To fund the acquisition the Company used cash on its balance sheet and issued as consideration to the seller approximately 1.5 million operating partnership units valued at USD 7.00 per unit, a premium of approximately 31% to yesterday's closing price. The Company also assumed a non-recourse mortgage loan at ...