ALEXANDRIA, VA. — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire Hilton Alexandria Old Town for $111 million. The 252-room hotel is situated adjacent to the King Street Metro station in Alexandria’s Old Town district. Opened in 2000, the hotel features 12,967 square feet of meeting and function space, as well as a Starbucks in the lobby and King Street Tavern on the ground floor. Since 2013, the hotel has undergone $9.6 million in renovations. Ashford Hospitality Trust expects to enter into a non-recourse loan totaling $73.5 million at closing. The loan is expected to have a term of five years and feature an interest rate at 2.45 above LIBOR. The company will also fund the acquisition using $11.1 million in cash from Ashford Inc., the REIT’s Dallas-based advisor. The seller was not disclosed.
Opened in 2000, Hilton Alexandria Old Town features 12,967 square feet of meeting and function space, as well as a Starbucks in the lobby and King Street Tavern on the ground floor.
Ashford Hospitality Trust Agrees to Acquire Hilton Hotel in Alexandria’s Old Town District for $111M
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