Ault ends marketing process for its subsidiary’s four hotels.

Ault Alliance announced that it has ended the marketing process for its four hotels owned and operated by its wholly owned subsidiary, Ault Global Real Estate Equities. As a result, it was determined that the AGREE assets and liabilities previously presented as assets and liabilities held for sale within the Company’s balance sheet will no longer meet the held for sale criteria. Assets of $91.0M and liabilities of $70.4M as of December 31, 2023 were reported as assets and liabilities held for sale. In future periods, assets and liabilities of AGREE will be reclassified to assets and liabilities held and used and amounts previously presented in discontinued operations will be reclassified into continuing operations for all periods presented. Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “The timing was not optimal for the sale of our hotel properties which included $16.5M in revenue for FY23 and approximately $91M in assets as of December 31, 2023. Going forward, we have a strong belief in the long-term value of the properties and the real estate sector as a whole and will continue to nurture and operate the assets to the best of our ability.”