DALLAS, Oct. 30, 2017 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company")
announced today that it has successfully refinanced the mortgage
loan on the Hilton Boston Back Bay with an existing outstanding
balance totaling approximately $95
million and a final maturity date in January 2018. The
new loan totals $97 million with a
five-year term. The new loan is non-recourse, provides for a
floating interest rate of LIBOR + 2.00%, and continues to be
secured by the Hilton Boston Back Bay. This financing is
estimated to result in annual interest and principal payments
savings of approximately $2.8 million
based upon the current forward LIBOR curve. This financing
addresses the remaining 2018 maturity for the Company and the next
hard maturity is in February
2019.
"We are pleased to close the refinancing of the Hilton Boston
Back Bay as it addresses the only remaining 2018 maturity for the
Company," said Douglas A. Kessler,
Ashford Trust's President and Chief Executive Officer. "With
this financing we were able to take advantage of the attractive
debt markets to reduce our interest expense."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
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: timing of closing of the transaction and
satisfaction of conditions to closing, 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
and the forward LIBOR curve, 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.
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SOURCE Ashford Hospitality Trust, Inc.