(Editor’s Note: According to industry reports, one of the properties is the 260-room Beverly Hills Marriott located at 1150 South Beverly Drive in Los Angeles.)
DALLAS, Feb. 12, 2025 — February 12, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) announced today that it has closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures.
“We are extremely pleased to announce the refinancing of these loan pools on attractive terms,” commented Stephen Zsigray, Ashford Trust’s President and Chief Executive Officer. “The successful refinancing of these 16 hotels not only generated enough excess proceeds to fully pay off our strategic financing, but we were also able to set aside significant reserves for future capital expenditures at these hotels. With the closing of this refinancing along with the full pay off of our strategic financing, we’ve addressed several pending loan maturities and eliminated all corporate-level debt.”
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
