Ashford Hospitality Trust entered into a definitive agreement to acquire the 157-room La Posada de Santa Fe in Santa Fe, N.M. The property will be acquired for $50 million.
The acquisition was announced during Ashford Hospitality’s investor day, along with the acquisition of the 178-room Hilton Scotts Valley/Santa Cruz in Santa Cruz, Calif., also for $50 million.
These are the second and third acquisitions Ashford Hospitality Trust has secured using partial financing with its Enhanced Return Funding Program. With regards to the Hilton Scotts Valley/Santa Cruz and La Posada de Santa Fe, ERFP contributed $5 million of the total $50-million price of both hotels.