DALLAS, Oct. 10, 2016 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company")
announced today that it has successfully refinanced four mortgage
loans with existing outstanding balances totaling approximately
$415 million. The previous
mortgage loans that were refinanced were the Wachovia 1, Wachovia 2
and Wachovia 6 loans with final maturity dates in April 2017, and the JP Morgan Chase Marriott
Fremont loan with a final maturity date in August 2019. The
new loan totals $450 million, and the
next non-extendable debt maturity for the Company is a $16 million loan that matures in June 2017.
The mortgage loans were refinanced through one new mortgage loan
with a two-year initial term and four one-year extension options,
subject to the satisfaction of certain conditions. The
loan is interest only, provides for a floating interest rate of
LIBOR + 4.55%, and contains flexible release provisions for the
potential sale of assets. The loan is secured by eighteen
hotels: Courtyard Basking Ridge, Courtyard Newark, Courtyard
Oakland, Courtyard Plano, Courtyard Scottsdale, Residence Inn
Newark, Residence Inn Phoenix, Residence Inn Plano, SpringHill
Suites Glen Allen, SpringHill Suites Manhattan Beach, SpringHill
Suites Plymouth Meeting, Towneplace Suites Manhattan Beach, Embassy
Suites Flagstaff, Marriott
Bridgewater, Marriott Raleigh
Durham, Marriott Suites Dallas, Sheraton Bucks County, and
Marriott Fremont.
"We are pleased to close this refinancing which addressed the
vast majority of our 2017 debt maturities," said Monty J. Bennett, Ashford Trust's Chairman and
Chief Executive Officer. "This transaction is another example
of our proactive management of our balance sheet, and we will
continue to look for additional opportunities such as this to
maximize value for our shareholders."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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 Trust'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; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford Trust'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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ashford-trust-completes-refinancing-of-four-mortgage-loans-300341656.html
SOURCE Ashford Hospitality Trust, Inc.