DALLAS-After complex and lengthy negotiations, Ashford Hospitality Trust Inc. and its joint venture partner have taken possession of the 28-hotel Highland Hospitality portfolio. The deal marks Ashford’s first acquisition since 2007, according to CEO Monty Bennett, who noted that the REIT has stayed away from “bidding wars” for hotel assets.

Ashford’s joint venture contribution includes $150 million of cash and $786 million of assumed debt for a 71.74% interest. The deal positions the company as the second largest lodging REIT with 26,411 rooms.

“The very attractive attributes of this joint venture and restructured debt will be difficult for any competitor to replicate,” Bennett said during an investor conference call to discuss the acquisition details. According to the REIT, the total consideration equates to a purchase price of $158,000 per key compared with $244,000 per key before capital improvement funding when the portfolio was acquired in 2007 in a privatization of publicly-traded Highland Hospitality.