Sunday , 25 September 2016
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REIT Buys Boutique Ashton Hotel in Downtown Ft. Worth

FORT WORTH – CBRE Hotels announced the sale of The Ashton Hotel, a 39-unit historic boutique hotel in downtown Fort Worth. Ashton Hotel Partners sold the property to Ashford Hospitality Trust, a Dallas-based hotel REIT, which plans additional renovations. The REIT owns a nearby Hilton property.

The Ashton Hotel, 610 Main, first opened in 1890 (two-story) and 1915 (six-story). Following a complete renovation, the hotel reopened in 2001. Then, in 2008, an additional $1 million in upgrades were invested in the asset. The Ashton Hotel was meticulously restored from two historic buildings to retain much of the original architectural details and unique style, but updated to include modern amenities.

According to Matt Mildren, the majority owner and managing partner of Ashton Hotel Partners, The Ashton Hotel attracted numerous celebrity guests during his ownership including Warren Buffett, Bill Gates, Michael Jordan and Bill Cosby.

Bert Stevens, First Vice President for CBRE Hotels in Dallas, represented the seller in this transaction. The Ashton Hotel represents Mr. Stevens’ second prestigious 2014 hotel sale in the DFW Metroplex, which followed the sale of the renowned Four Seasons at Las Colinas earlier this year.

“With the second highest RevPAR in Fort Worth and the eighth highest RevPAR in the DFW Metroplex, The Ashton Hotel garnered significant, high-profile interest and was an excellent investment for the REIT,” said Mr. Stevens.

 

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