Ashford Hospitality Trust (AHT Quote) surged 12% after the company agreed to buy 51 hotels from CNL Hotels and Resorts for roughly $2.4 billion in cash.
The deal involves properties with 13,524 rooms. The arrangement is part of a larger transaction in which CNL is being acquired by Morgan Stanley Real Estate for around $6.6 billion. The hotels Ashford is picking up include the Marriott Seattle Waterfront, the Renaissance Tampa, the Hyatt Regency Montreal, the Hilton Torrey Pines, the Hilton Costa Mesa and the Capital Hilton. Shares of Ashford were up $1.46 to $13.50 in premarket trading Friday.- Loading Comments...
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