Deals
Ashford Venture Acquires Highland Hotels Through a Foreclosure
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Ashford Hospitality Trust Inc. formed a joint venture to take over the 28-property Highland Hospitality portfolio, including the Ritz-Carlton Atlanta and the Churchill and Melrose hotels in Washington.
The acquisition and restructuring were completed through a $1.28 billion consensual foreclosure, the Dallas-based real estate investment trust said yesterday in a statement. Ashford will own 71.7 percent of the venture, which also includes an institutional partner the REIT didn’t name.