LAS VEGAS--(BUSINESS WIRE)--
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.
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
Source: Ault Alliance Inc.