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Monty Bennett’s Ashford Hospitality Trust has won numerous awards.
The Dallas-based company, led by the owner of the Dallas Express, is delisting its stock to save money. Just one day before the delisting announcement, two of the trust’s distressed properties in Plano were scheduled for foreclosure sale, according to Roddy Foreclosure Listing Service.
這兩間飯店分別是位於達拉斯大道6840 號、擁有152 間客房的達拉斯普萊諾萊格西公園萬怡酒店,以及位於5001 Whitestone Lane 的擁有126 間客房的達拉斯普萊諾/萊格西Residence Inn hotel.
A foreclosure auction for both properties is scheduled for April 2 at the Collin County Courthouse.
The Courtyard Dallas Plano is valued at $9.5 million and the Residence Inn Dallas Plano/Legacy is valued at $7.4 million in 2023, according to appraisal district records. Ashford purchased them in 2007.
The properties were the subject of a November lawsuit in which lender representatives asked the court to appoint a receiver to oversee the seven properties.
The lawsuit alleges that the hotels are at risk of losing value, particularly if Marriott terminates its franchise agreements with the hotels.
The lawsuit was filed after Ashford defaulted on a $150 million loan last summer. Thirty-four properties failed subsequent debt yield tests.
Bennett chose to return 19 hotels, including two that were foreclosed, to lenders; he paid $129 million to secure mortgages on a second tranche of 15 hotels.
Ashford said in a statement that hotels refinancing to lenders are located in markets that “have experienced significant headwinds in their post-pandemic recovery, with many of these markets not expected to reach pre-pandemic levels until 2025 or 2026.” income level”.
It’s hard to believe that’s the case in Plano, a booming Dallas-Fort Worth suburb that’s often in the news as a center for corporate relocations. In 2023 alone, Tapcheck, QuickFee, Fisher Investments, SK Signet America and Westwood Professional Services are jointly planning or taking action to open stores in Plano, according to the City of Plano Economic Development Department.
The city is already home to companies such as Toyota North America, FedEx, JPMorgan Chase & Co., Frito-Lay, PepsiCo, Boeing, Capital One, Ericsson and Samsung Electronics.
Ashford’s decision to delist follows a difficult year for shareholders.
In 2023, the company’s net loss attributable to common shareholders was $194 million, or $5.61 per share, according to the release. However, comparable revenue per available room across all hotels increased nearly 10% to $130.85.
As of April 3, the company’s stock was trading at $1.30 per share.
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