Real estate investment trust Ashford Hospitality Trust has refinanced four mortgage loans with existing outstanding balances of approximately $415 million.
The new $450 million, floating rate, interest only loan from an undisclosed lender carries a two-year initial term, four one-year extension options and a rate of LIBOR + 4.55 percent, and it “contains flexible release provisions for the potential sale of assets,” according to the borrower.Â
The new loan refinances three securitized Wachovia loans with April 2017 maturities, as well as a JP Morgan Chase Marriott Fremont loan with an August 2019 maturity.
It is secured by 18 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 Bennett, Ashford Trust’s chairman and CEO. “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.”
The next non-extendable debt maturity for the Company is a $16 million loan that matures in June 2017.
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