Among other initiatives announced in April, Ashford Prime is seeking a new CEO, with Bennett to continue as chairman. He's also chairman and CEO of Ashford Inc. and Ashford Trust.

At Ashford Trust, Bennett says his team is “pleased with the progress we are making with the sale of our non-core, select-service hotels. The completion of the five-hotel portfolio sale to Noble is a significant first step in this process.”

Included in the $142-million sale are the 150-key Residence Inn Atlanta Buckhead/Lenox Park; the 146-key Courtyard Edison Woodbridge in Edison, NJ; and three assets in the Disney-controlled resort community Lake Buena Vista, FL, near Orlando: the 312-key Courtyard Orlando Lake Buena Vista, the 388-key Fairfield Inn and Suites Orlando Lake Buena Vista and the 400-suite Springhill Suites Orlando Lake Buena Vista. Atlanta-based Noble said Thursday it intends to make “experience- enhancing product investments” throughout the portfolio to further augment revenue and market position.

The 1,396-key portfolio traded for about $102,000 per key at a trailing 12-month cap rate of 8% on NOI. It achieved RevPAR of $84 on a trailing 12-month basis, with occupancy of 79% and ADR of $106.

Separately, Ashford Trust is selling the 151-key Courtyard Palm Desert and the 130-key Residence Inn Palm Desert for $36 million, or $128,000 per key. The buyer has not been disclosed.

DALLAS—Ashford Hospitality Trust said Wednesday it had completed the sale of five select-service hotels to Noble Investment Group. The Dallas-based REIT has also agreed to sell a pair of Palm Desert, CA properties in a separate transaction.

Another hotel REIT advised by Ashford Inc., Ashford Hospitality Prime, had news of its own on Wednesday. In the latest salvo in a proxy battle between Ashford Prime and activist investor Sessa Capital, proxy advisory firm Egan-Jones recommended that the REIT's shareholders vote for its current slate of directors.

Egan-Jones' recommendation followed a similar one last week from Glass Lewis, and a May 23 ruling by a federal court judge in Texas that Sessa's proposed slate of nominees to the Ashford Prime board was ineligible. That same day, Ashford Prime announced that it had agreed to sell the 250-room Courtyard Seattle Downtown for $84.5 million in cash, or $338,000 per key; the buyer has not been disclosed.

Monty Bennett, chairman and CEO of Ashford Prime, calls the pending sale of the Seattle property “an attractive value for our shareholders. We will continue to execute on the other initiatives we announced at the conclusion of our strategic review in an effort to further maximize value for our shareholders.”

Among other initiatives announced in April, Ashford Prime is seeking a new CEO, with Bennett to continue as chairman. He's also chairman and CEO of Ashford Inc. and Ashford Trust.

At Ashford Trust, Bennett says his team is “pleased with the progress we are making with the sale of our non-core, select-service hotels. The completion of the five-hotel portfolio sale to Noble is a significant first step in this process.”

Included in the $142-million sale are the 150-key Residence Inn Atlanta Buckhead/Lenox Park; the 146-key Courtyard Edison Woodbridge in Edison, NJ; and three assets in the Disney-controlled resort community Lake Buena Vista, FL, near Orlando: the 312-key Courtyard Orlando Lake Buena Vista, the 388-key Fairfield Inn and Suites Orlando Lake Buena Vista and the 400-suite Springhill Suites Orlando Lake Buena Vista. Atlanta-based Noble said Thursday it intends to make “experience- enhancing product investments” throughout the portfolio to further augment revenue and market position.

The 1,396-key portfolio traded for about $102,000 per key at a trailing 12-month cap rate of 8% on NOI. It achieved RevPAR of $84 on a trailing 12-month basis, with occupancy of 79% and ADR of $106.

Separately, Ashford Trust is selling the 151-key Courtyard Palm Desert and the 130-key Residence Inn Palm Desert for $36 million, or $128,000 per key. The buyer has not been disclosed.