DALLAS, Sept. 11, 2013 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today announced that it has completed a $69 million property level debt financing for the
previously-closed acquisition of the 142-room Pier House Resort in
Key West, Florida. The new financing has a two-year term and
three, one-year extension options with no test requirements for the
first two extensions. The loan provides for a floating
interest rate of LIBOR + 4.90%, with no LIBOR Floor.
"Capitalizing on present conditions in the debt market allowed
us to complete this financing of the Pier House Resort at very
attractive terms while realizing substantial proceeds to further
strengthen our liquidity position," commented Monty J. Bennett, Ashford Trust's Chairman and
Chief Executive Officer. "RevPAR for the Pier House is up
over 9% since we closed on the acquisition. This strong
revenue growth, along with the cost savings we have implemented,
resulted in significant lender interest to finance this asset."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry across all segments and at all levels of the capital
structure primarily within the United
States.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; the degree and nature of our competition; and the
satisfaction of the condition to the completion of the
spin-off. These and other risk factors are more fully
discussed in Ashford's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
SOURCE Ashford Hospitality Trust, Inc.