By Chris Wack
Ault Alliance said Tuesday that its wholly owned Ault Global Real Estate Equities subsidiary is planning to sell its four recently renovated Midwest hotels for about $100 million.
The company said the decision to sell the hotels follows the decision to also focus on its core businesses, including its crane rental business, its California licensed lender and data center operations.
The company plans to use the proceeds from the sales of the hotel properties to pay off debt and commit more capital to its core businesses.
Ault Global Real Estate Equities plans to sell all four properties through national real-estate brokerage firm Hospitality Real Estate Counselors.
Through a partnership with the hotel management firm GF Hotels & Resorts, the company completed major renovations at all four properties, including the installation of new fitness equipment, new soft goods, upgraded bathroom trims, new mattresses, new furniture and many other changes focused on enhancing the guest experience.
Ault shares were up 19% to $1.29 in premarket trading.
Write to Chris Wack at [email protected]
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