Dallas-Based Company Increases Its Hospitality Industry Presence

Ashford Hospitality Trust has finalized its purchase of five Hilton holdings, three Marriott hotels and one Starwood property. Totaling $224 million, the nine hotel properties will add 1,251 rooms to the company’s holdings.

Dallas-based Remington Hospitality Services will be managing the properties, which are located in Ann Arbor, Michigan; Boston, Massachusetts; Columbia, Ohio; Pittsburgh, Pennsylvania; Phoenix, Arizona; Stillwater, Oklahoma and Wichita, Kansas. Remington Hospitality Services currently manages several other properties in the North Texas region, including some of the properties that are already a part of the Ashford Hospitality Trust’s extensive portfolio.

New Ashford Hospitality Trust Purchase Brings Increased Revenue to Company Portfolio

The nine-hotel portfolio recently purchased by Ashford Hospitality Trust has a history of producing an attractive revenue. According to reports, the portfolio enjoyed a 76 percent occupancy rate with an average daily rate of $132. This resulted in $100 in revenue per available room. As such, Ashford Hospitality Trust expects to see an 11.6 multiple on its earnings before depreciation, amortization, interest and taxes. The purchase also allows the company to expand its geographic footprint.

The recent acquisition of the nine hotels is just one of several recent purchases that Ashford Hospitality Trust has made. In March, the trust purchased 28 hotels for $1.735 billion. Earlier this month, it purchased the W Atlanta Downtown hotel for $56.8 million. While the company has not recently purchased new properties in the North Texas region, it does have many area properties currently included in its portfolio. These include:

• Courtyard Legacy Park Hotel in Plano
• DFW Airport Marriott Hotel in Dallas
• Embassy Suites Hotel in Dallas
• Worth Hilton Hotel in Fort Worth
• Marriott Suites Market Center Hotel in Dallas
• Residence Inn Dallas Plano Hotel in Plano

Other Texas properties included in the trust’s portfolio include:

• Embassy Suites Hotel in Austin
• Hilton Garden Inn Austin Hotel in Austin
• Houston Embassy Suites Hotel in Houston
• Lakeway Resort & Spa in Austin
• Nassau Bay Hilton Hotel in Houston
• Plaza San Antonio Marriott Hotel in San Antonio
• Sugar Land Marriott Hotel in Houston

Dallas-Based Remington Hospitality Services Provides Property Management in Dallas and Beyond

In operation for more than 35 years, Remington Hospitality Services is a full-service management company that operates more than 15,000 hotel rooms with more than 75 associated. While the company does manage many properties in Texas – including Dallas Marriott Suites, Embassy Suites Dallas near the Galleria and Fort Worth Hilton – the company manages properties in 23 states.

Hotel brands that the company oversees and operates include: Courtyard, Crowne Plaza, Doubletree, Embassy Suites, Fairfield Inn, Hampton Inn, Hilton, Hilton Garden Inn, Homewood Suites, Hyatt, Marriott, Residence Inn, Sheraton and SpringHill Suites. Whether or not Remington will ultimately be entrusted with the responsibility of managing the trust’s other North Texas properties remains to be seen.

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