The Ashton Hotel, a Boutique, Historic Hotel Downtown Fort Worth Sold

Dallas, Texas – July 24, 2014 – CBRE Hotels is pleased to announce the sale of The Ashton Hotel, a prominent hotel located in the heart of downtown Fort Worth, Texas. Ashton Hotel Partners sold the property to a Dallas-based hotel REIT which plans additional renovations and will continue to operate the property as a historic, boutique hotel.

The Ashton Hotel first opened in 1915 (6-story) and 1890 (2-story). Following a complete renovation, the hotel reopened in 2001. Then, in 2008, an additional $1 million in upgrades were invested in the asset. The Ashton Hotel was meticulously restored from two historic buildings to retain much of the original architectural details and unique style, but updated to include modern amenities. The hotel features 39 richly appointed guestrooms, including six suites, and is home to the SIX 10 GRILLE, one of Fort Worth’s top-rated restaurants. The property also includes a range of event space that accommodates weddings, social gatherings and corporate functions.

According to Matt Mildren, the majority owner and managing partner of Ashton Hotel Partners, The Ashton Hotel attracted numerous celebrity guests during his ownership including Warren Buffett, Bill Gates, Michael Jordan and Bill Cosby.

Bert Stevens, First Vice President for CBRE Hotels in Dallas, represented the seller in this transaction. The Ashton Hotel represents Mr. Stevens’ second prestigious 2014 hotel sale in the DFW Metroplex, which followed the sale of the renowned Four Seasons at Las Colinas earlier this year.

Mr. Stevens commented, “With the second highest RevPAR in Fort Worth and the eighth highest RevPAR in the DFW Metroplex, The Ashton Hotel garnered significant, high-profile interest and was an excellent investment for the buyer.”

CBRE Hotels is a specialized advisory group within CBRE Group, Inc. providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.