DALLAS, August 25, 2021 / PRNewswire / – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or “Company”) today announced the successful refinancing of a mortgage loan for the Hilton Boston Back Bay with 390 rooms in Boston, Massachusetts which had a final maturity of November 2022. The Company only had one significant final maturity in 2022, but this funding concerns this loan. In addition, the Company was able to complete this financing with the help of a best-in-class institutional lender for the balance sheet.
The total amount of new loans without recourse USD 98.0 million USA and has an initial period of four years, renewable for one year, subject to certain conditions. The loan is provided only at interest for the initial period from USD 500,000 quarterly amortization payments during the renewal period and it provides a floating rate of LIBOR + 3.80%.
“This deal was a great opportunity for us to refinance and extend maturity at an attractive price for one of our high quality transition-oriented assets, which is well positioned for economic recovery,” commented Rob Hayes, President and CEO of Ashford Trust. “This is another example of our commitment to being actively involved in our capital markets and balance sheet management activities.”
Robert DouglasA real estate consultancy specializing in providing capital hospitality solutions assisted the Ashford Trust in this transaction.
The Ashford Hospitality Trust is a real estate investment fund (REIT) dedicated to investing primarily in upscale full service hotels.
Follow the CEO Rob Hayes on twitter at https://twitter.com/aht_rob or @aht_rob.
Certain statements and assumptions 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. Forward-looking statements in this press release include, but are not limited to, other statements about the company’s strategy and plans for the future. These forward-looking statements are subject to risks and uncertainties. When we use the words “likely outcome”, “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to define forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are beyond the control of the Ashford Trust.
These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expected, including but not limited to: the impact of COVID-19, and the speed and effectiveness of vaccines to prevent COVID-19. business strategy and investment strategy; the timing and results of the investigation by the Securities and Exchange Commission; our ability to regain eligibility for the S-3 program; our ability to pay off, refinance or restructure our debts and the debts of some of our subsidiaries; expected or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competitors; market trends; projected capital costs; the impact of technology on our operations and business; the general volatility of the capital markets and the market price of our common and preferred shares; availability, timing and placement of capital; availability of qualified personnel; changes in our industry and in the markets in which we operate, interest rates or the economy as a whole; and the extent and nature of our competition. These and other risk factors are discussed in more detail in the Ashford Trust’s filing with the SEC.
Forward-looking statements included in this press release are made only as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions and expectations regarding our future results, taking into account all the information currently known to us. These beliefs, assumptions and expectations can change as a result of many potential events or factors, not all of which are known to us. Should a change occur, our business, financial condition, liquidity, results of operations, plans and other objectives could differ materially from those stated in our forward-looking statements. You should carefully consider these risks when making an investment decision with respect to our securities. Investors should not place undue reliance on these forward-looking statements. The Company cannot guarantee that these forward-looking statements will be fulfilled or that no deviations will 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, except as required by law.
SOURCE Ashford Hospitality Trust, Inc.