05:52 AM EDT, 06/04/2024 (MT Newswires) -- Ashford Hospitality Trust ( AHT/PD ) said on Monday that it has signed a definitive agreement to sell the 193-room One Ocean Resort in Atlantic Beach, Florida for $87 million.

The sale is expected to close in June. The company said that it provides no assurances that the sale will be completed on these terms or at all. It plans to use the proceeds from the planned sale for general corporate purposes, including the payment of its strategic financing.

The company also said that it closed the sale of a 90-room property called Courtyard in Manchester, Connecticut for $8 million.

The property was encumbered with a mortgage loan that had an outstanding balance of about $5.6 million. The company said that it plans to use all remaining proceeds from the sale for general corporate purposes including the payment of its strategic financing.

The company's share price was up by approximately 4.3% in recent pre-market trade on Tuesday.

Price: 1.2200, Change: +0.05, Percent Change: +4.27