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CCRE lends on Memphis Marriott
Cantor Commercial Real Estate has provided a $33.3m loan to Ashford Hospitality Trust for the acquisition of the Marriott Memphis East in Memphis, Tennessee. The two-year floating rate loan carries a 77% loan-to-value based on the $43.5m that the REIT paid for the 232-room hotel earlier this year. The 10-story hotel underwent extensive renovations in 2012 when it was converted from a Holiday Inn Select to a full-service Marriott.
