Ashford Trust Completes Mortgage Refinance for the Hilton Boston Back Bay
DALLAS, 25 August 2021 / PRNewswire / – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today announced that it has successfully refinanced its mortgage for the 390-room Hilton Boston Back Bay in Boston, Massachusetts which had a final maturity date of November 2022. The Company only had one material final debt maturity in 2022, but this financing relates to this loan. In addition, the Company was able to supplement this financing with a leading institutional balance sheet lender.
The new total of non-recourse loans $ 98.0 million and has an initial term of four years with an option to extend for one year, subject to the satisfaction of certain conditions. The loan bears interest only for the initial term with $ 500,000 quarterly amortization payments during the extension period, and provides for a variable interest rate of LIBOR + 3.80%.
“This transaction was a great opportunity for us to refinance and extend an upcoming maturity at an attractive price for one of our high quality transient-focused assets that is well positioned for the economic recovery,” commented Rob hays, President and CEO of Ashford Trust. “This is another example of our willingness to be proactive in our activities in the capital markets and in the management of our balance sheet.”
Robert douglas, a real estate consultancy specializing in providing capital solutions to the hospitality industry, assisted Ashford Trust in this transaction.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing primarily in high-end, full-service hotels.
Follow CEO Rob hays on Twitter at https://twitter.com/aht_rob or @aht_rob.
Certain statements and assumptions contained in this press release contain or are based on “forward-looking” information and are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this press release include , among others, statements on the strategy and future plans of the Company. These forward-looking statements are subject to risks and uncertainties. When we use the words “will probably result”, “may”, “anticipate”, “estimate”, “should”, “expect”, “believe”, “intend” or similar expressions, we have intend to identify statements. Such statements are subject to many assumptions and uncertainties, many of which are beyond the control of Ashford Trust.
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: the impact of COVID-19, and the rate of adoption and effectiveness of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission investigation; our ability to regain S-3 eligibility; our ability to repay, refinance or restructure our indebtedness and the indebtedness of some of our subsidiaries; anticipated or expected asset purchases or sales; our projected operating results; the completion of all pending transactions; our understanding of our competitors; market trends; projected capital expenditures; the impact of technology on our operations and activities; general volatility in capital markets and the market price of our common and preferred shares; availability, conditions and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the economy in general; and the degree and nature of our competition. These and other risk factors are discussed in more detail in documents filed by Ashford Trust with the Securities and Exchange Commission.
The forward-looking statements included in this press release are made only as of the date of this press release. These forward-looking statements are based on our beliefs, assumptions and expectations regarding our future performance, taking into account all the information currently available to us. These beliefs, assumptions and expectations can change due to many events or potential factors, not all of which we are aware of. If any change occurs, our business, financial condition, liquidity, results of operations, plans and other objectives may differ materially from those expressed in our forward-looking statements. You should carefully consider these risks when making an investment decision regarding our securities. Investors should not place undue reliance on these forward-looking statements. The Company cannot guarantee that these forward-looking statements will be achieved or that no deviations will occur. We are under no obligation 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, except to the extent required by law. law.
SOURCE Ashford Hospitality Trust, Inc.