Ashford Hospitality Trust announced that it has extended its Highland mortgage loan, which is secured by 18 hotels. The loan had an original final maturity date of April 9, 2025.
The loan now has a maturity date of January 9, 2026, subject to a six-month extension option to July 9, 2026, upon satisfaction of certain conditions. This extension provides additional time for the company to manage its debt obligations.
As part of the extension, the loan was paid down to a current balance of $733.6 million, which represents approximately 68% of the appraised value of the Highland pool of assets. The loan now bears interest at a floating rate of SOFR + 4.13%.
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