Ashford Hospitality Trust sells Hyatt Regency Long Island for $26.5M

Dive Brief:

A subsidiary of Ashford Hospitality Trust has sold the Hyatt Regency Long Island in Hauppauge, New York, for $26.5 million in cash, according to an Aug. 6 filing with the U.S. Securities and Exchange Commission.
The transaction, which closed July 31 per the filing, follows Ashford’s sale of the Fremont Marriott Silicon Valley in California in early July as well as several other sales earlier this summer, including in Georgia, Florida and Texas.
The sale is part of Ashford’s ongoing strategy to offload assets through 2026, CEO Stephen Zsigray shared in the firm’s first-quarter earnings report. Zsigray said these strategic divestitures “remain an important lever to improve leverage, liquidity and cash flow.”

Dive Insight:

The 358-room Hyatt Regency Long Island, near the 18-hole golf course at Wind Watch Golf & Country Club, includes meeting space, an indoor and outdoor pool, a fitness center, athletic courts and on-site dining at Nu Restaurant and Lounge, per the hotel’s website.

Previously, the property served as a Wyndham hotel before rebranding as the Hyatt Regency Wind Watch, according to a 2005 news release from Hyatt. Ashford acquired the property in 2011 as part of a $1.28 billion portfolio deal, according to a news release.

Ashford’s sale of the property comes after a flurry of recent offloading activity from the trust as it advances its disposition strategy. In the first quarter of this year, Dallas-based Ashford sold five hotels, which netted combined gross proceeds of $238.5 million.

The Long Island property is one of the six hotels that Ashford agreed to sell for a combined $156.4 million, according to a Q1 earnings report from May. Other hotels sold as part of the agreement include the Silversmith Hotel Chicago Downtown for $16 million in cash in June, and the Sheraton Mission Valley in San Diego for $45.3 million in cash, also in June, according to separate SEC filings.

Additionally in June, Ashford sold the Hilton Garden Inn Jacksonville - Deerwood Park in Jacksonville, Florida, for $11.3 million (also part of the six-property deal), as well as the Hilton Garden Inn Austin Downtown in Austin, Texas, for $26.85 million, per SEC filings.