Ashford Hospitality Trust announced that it has successfully extended its mortgage loan secured by the 226-room Le Pavillon Hotel in New Orleans, Louisiana. The loan had an initial maturity date in December 2024.
The extension provides for two additional one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in December 2027. The loan has been extended with no paydown and continues to have an outstanding balance of $37.0 million.
Stephen Zsigray, Ashford Trust's President and Chief Executive Officer, expressed pleasure with the loan extension and excitement about the recent conversion of the hotel to Marriott's Tribute Portfolio. He expects the property's performance to ramp up quickly post-conversion.
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