Ault Alliance’s (NYSE:AULT) wholly owned subsidiary Ault Global Real Estate Equities plans to sell its four recently renovated Midwest hotels.
Theses include the Hilton Garden Inn, the Residence Inn and the Courtyard in Madison West, and the Hilton Garden Inn in Rockford.The decision to sell the hotels follows the decision to also list the St. Petersburg property and is driven by the company’s desire to focus on its core businesses, including the crane rental business, the California licensed lender, and data center operations.
Proceeds will be used to pay off debt and commit more capital to its core businesses.
Milton “Todd” Ault III, Executive Chairman of Ault Alliance, commented, “There can be no assurance that the hotels will be sold or that our asking price will be met. However, given the hotels’ strong standing and recent renovations, we are optimistic and expect the properties to attract significant interest.”
