DALLAS -- Ashford Hospitality Trust, Inc. completed the sale of the Hilton Rye Town in Rye Brook, New York, for $35.5 million in cash to an investment group spearheaded by Lodging Capital Partners.
The 447-room upscale hotel in Westchester County, New York, will continue to be operated by Hilton Worldwide and it will undergo a renovation of its lobby, restaurant, fitness center and other public areas beginning later this year.
“We are pleased to add this unique asset to our portfolio, in addition to expanding our growing relationship with Hilton,” said Steve Kisielica of Lodging Capital Partners, LLC, who recently purchased the hotel. “We are looking forward to capitalizing on the property’s excellent location and park-like setting situated on almost 36 acres in the New York MSA,” added Kisielica.
Monty Bennett, CEO of Ashford, noted, “We are pleased to complete the accretive sale of this hotel that exhibited no positive operating cash flow over the past year. In 2011, we have already generated in excess of $130 million in gross proceeds that have been used to reduce our debt levels and free up capacity on our line of credit.”