DALLAS, Oct. 3, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (AHT) ("Ashford Trust" or the "Company") today announced that it has entered into a new franchise agreement for the 252-room Hilton Alexandria Old Town that it acquired in June 2018. Under the new franchise agreement, the hotel will transition from being Hilton-managed to being managed by Remington Lodging. The management conversion is effective as of October 1, 2019 and does not require a property improvement plan.
"We are pleased with the conversion of the Hilton Alexandria to a franchised property as we believe that there is a valuation premium to franchised hotels," said Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "Our goal is to maximize the value of our assets and we will continue to pursue transactions like this that we believe will enhance shareholder returns."
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements in this press release may include, among others, statements about the Company's strategy and future plans. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.