Ashford Hospitality Trust has partnered with Prudential Financial to acquire Highland Hospitality’s chain of 28 hotels, The Wall Street Journal reports. The acquisition and restructuring were completed through a consensual foreclosure for $1.28 billion, adds Bloomberg. In the joint venture, Texas-based Ashford will own a 72% equity stake in Highland and Prudential will have a 28% share. Ashford is investing $150 million cash and assuming $786 million of debt in the hotels.
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