DALLAS--Ashford Hospitality Trust Inc. has announced the acquisition of the remaining 28.26 percent ownership interest of the Highland Hospitality portfolio from its joint venture partner, a value-add fund managed by Prudential Real Estate Investors.

The purchase price of $250.1 million was paid in cash and funded by the concurrent refinancing of 24 hotels in the portfolio as well as proceeds from the REIT's recent equity offering.

The 28-hotel Highland Hospitality portfolio includes 19 full-service hotels and 9 select-service hotels with a concentration in major brands such as Hilton, Marriott, Hyatt and Starwood. The total transaction value was $1.735 billion ($215,000 per key). On a forward 12-month basis, the purchase price represents an expected cap rate of 7.4 percent on net operating income and an expected 11.6x EBITDA multiple.