Ault Alliance Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”) announced
today its wholly owned subsidiary Ault Global Real Estate Equities,
Inc. (“AGREE”), plans to list for sale its four recently
renovated Midwest hotels, the Hilton Garden Inn in Madison West,
the Residence Inn in Madison West, 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. The Company plans to use the proceeds from the sales of
the hotel properties to pay off debt and commit more capital to its
core businesses. The Company believes that the recent comprehensive
renovation of all four properties delivers best-in-class assets to
the Madison West and Rockford markets. AGREE plans to sell all four
properties through the national real estate brokerage firm,
Hospitality Real Estate Counselors (“HREC”) and intends to
seek approximately $100 million for the four hotels.
Through its partnership with the hotel management firm, GF
Hotels & Resorts, the Company completed major renovations at
all four properties, including the installation of new fitness
equipment, new soft goods, upgraded bathroom trims, new mattresses,
new furniture, and many other changes focused on enhancing the
guest experience. The Hilton Garden Inn locations in Middleton and
Rockford now feature brand-new Peloton bikes allowing customers to
utilize a top-of-the-line fitness appliance with or without a
Peloton membership. Catering to demand from corporate travelers,
the Hilton Garden Inn properties have prioritized shower-only king
rooms during renovations. Additional improvements include upgraded
smart TVs and the installation at the Hilton Garden Inn Rockford of
the only electric vehicle charging stations at a hotel in town. The
Residence Inn’s renovations encompass new kitchen appliances, new
furniture, refreshed paint schemes, TVs, and internet connectivity
upgrades. The Courtyard’s exterior was repainted and refreshed
under new brand guidelines and the interior courtyard was revamped
to focus on outdoor events during the summer such as weddings,
receptions, and other social events.
Milton “Todd” Ault III, Executive Chairman of Ault Alliance,
shared his insight on this strategic decision: “We have decided to
focus on our core cash producing assets, which include our crane
rental company, Circle 8 Crane Services, LLC, data center
operations through Sentinum, Inc., and our California licensed
lender, Ault Lending, LLC. Given the current macro environment, we
believe these core assets are best suited to produce sustainable
cash-flow and long-term value for the Company and its
stockholders.”
Ault concluded, “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.”
Interested parties are encouraged to contact Ault Alliance or HREC
for further details.
For more information on Ault Alliance and its subsidiaries, Ault
Alliance recommends that stockholders, investors, and any other
interested parties read Ault Alliance’s public filings and press
releases available under the Investor Relations section at
www.Ault.com or at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and offers colocation and hosting services for the emerging
artificial intelligence ecosystems and other industries, and
provides mission-critical products that support a diverse range of
industries, including metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are
made, and the Company undertakes no obligation to update any of
them publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8- K. All filings are available at www.sec.gov and on the Company’s
website at www.Ault.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230905029282/en/
Ault Alliance Investor Contact: IR@Ault.com or
1-888-753-2235
Ault Alliance (AMEX:AULT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ault Alliance (AMEX:AULT)
Historical Stock Chart
From Jul 2023 to Jul 2024