Ashford Hospitality Trust has sold the Embassy Suites property in Philadelphia, continuing the Dallas-based real estate investment trust's run of hotel dispositions.

The sale removes another full-service asset from Ashford Hospitality Trust's portfolio. The buyer and the transaction price were not disclosed in the announcement reported by Hotel Management.

Ashford Hospitality Trust has spent recent years selling hotels to pay down debt and shore up its balance sheet, a strategy common among lodging REITs facing elevated interest costs on floating-rate debt.

What comes next?

Further detail on the sale price, buyer identity and use of proceeds had not been disclosed at the time of the report; additional portfolio moves from Ashford Hospitality Trust are expected as the REIT continues to evaluate its holdings.