Ashford Hospitality Trust announced today that it has closed on a $580 million refinancing secured by 16 hotels. This financing includes hotels previously part of the company's KEYS Pool C, D, and E Loans, and the BAML Pool 3 Loan, along with the Westin Princeton.
The new financing is non-recourse, has a two-year term with three one-year extension options, and bears interest at a floating rate of SOFR + 4.37%. The previous loans had a combined outstanding balance of approximately $438.7 million.
The company utilized approximately $72 million of the excess proceeds from this refinancing to completely pay off the remaining balance on its strategic financing, including the exit fee. This action effectively eliminates all corporate-level debt, addressing several pending loan maturities and fortifying the company's financial position.
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