Ashford Hospitality Trust announced it has reached a definitive agreement to acquire the 252-room Hilton Alexandria Old Town for $111 million.
The 252-room hotel includes almost 13,000 square feet of meeting and function space. It opened in 2000 and has undergone $9.6 million in renovations since 2013.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing in upscale, full-service hotels.
The acquisition marks the first that the REIT will benefit from a new financing program with Ashford Inc., an asset management company that serves as an adviser to the trust.
