Ashford Hospitality Trust announced it has successfully entered into a 90-day forbearance period for its Morgan Stanley Pool loan, which is secured by 17 hotels. The loan had a final maturity date of November 9, 2024.
The company is in active discussions with the lender regarding a multi-year extension of the loan and expects to finalize this during the 90-day forbearance period. This move addresses the immediate maturity of the loan.
Concurrently, Ashford Trust reported that it has reduced the balance of its strategic financing to approximately $48.6 million. This reduction triggered the exit fee reduction that was announced last week, demonstrating progress on its corporate debt obligations.
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