Checking Out To Cash In: Ault Alliance Plans To Sell Renovated Midwest Hotels For $100M

Diversified holding company Ault Alliance Inc AULT said its wholly owned subsidiary Ault Global Real Estate Equities plans to sell its four recently renovated Midwest hotels for about $100 million.

The hotels include 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 sale 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. 

Ault 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 completed renovations at all four properties through its partnership with the hotel management firm GF Hotels & Resorts.

"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," said Executive Chairman Milton Todd Ault III.

Price Action: AULT shares are trading higher by 11.9% at $1.18 on the last check Tuesday.