DALLAS, March 5, 2019 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") announced today that it has successfully refinanced a
mortgage secured by the Westin Princeton and Renaissance
Nashville. The new $240 million
loan is interest only at a floating rate of LIBOR + 2.75% and has a
two-year initial term with five one-year extension options, subject
to the satisfaction of certain conditions. This mortgage
replaced the Aareal Capital Nashville/Princeton loan with an outstanding balance
totaling approximately $178 million
at a rate of LIBOR + 3.00%, and a final maturity date in
June 2022.
"This refinancing is a successful continuation of our focused
strategies to benefit from the attractive lending market conditions
we have been seeing for hotel assets," said Douglas A. Kessler, Ashford Trust's President
and Chief Executive Officer. "We are very pleased with this
outcome, which enabled us to improve upon the pricing and
effectively enhance our maturity schedule, while also realizing
significant excess proceeds which we believe will further
strengthen our liquidity position. We will continue to look
for additional opportunities to better our operational performance
and increase shareholder value."
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 federal
securities regulations. Forward looking statements in this
press release may include, among others, statements about the
Company's strategy and future plans. 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 conditions 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; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, 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. The
Company can give no assurance that these forward-looking statements
will be attained or that any deviation will not occur. 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.
View original
content:http://www.prnewswire.com/news-releases/ashford-trust-completes-refinancing-of-2-hotel-portfolio-300807283.html
SOURCE Ashford Hospitality Trust, Inc.