Photo courtesy of the city of Manchester

A hotel real estate investment trust has unloaded a Manchester hotel.

Ashford Hospitality Trust Inc., based in Dallas, said Monday it had sold the Courtyard Hartford Manchester for $8 million.

The 99-key hotel at 225 Slater St. was built in 1996 and appraised at $5.12 million, according to city property records. Deeds filed at the Manchester town clerk’s office showed the limited partnership which sold the hotel via a warranty deed Wednesday first bought the property in 2001 for $8.62 million. Wednesday’s buyer was an affiliate of JNR Hotels, a Massachusetts-based hotel owner-operator that had a four-hotel portfolio in Connecticut – three of which were in Manchester, also near the city’s Buckland Hills Mall.

Ashford Hospitality Trust also noted in its announcement that the property still had $5.6 million in outstanding mortgage debt at the time of sale, which was paid off via the proceeds of Wednesday’s transaction. The remaining proceeds, Ashford said, were used to pay down other corporate debt.

At the same time, Ashford said it also sold a 193-room hotel in Atlantic Beach, Florida for $87 million.

“We are pleased to announce the sale of the Courtyard Manchester and the planned sale of the One Ocean Resort,” Ashford Trust President and CEO Rob Hays said in a statement. “We have made significant progress on our deleveraging plan, and the remaining balance on our strategic financing is currently $102 million. We continue to have several assets in the market at various stages of the sales process and look forward to providing more updates in the coming weeks.”