Ashford Hospitality Trust successfully refinanced its mortgage loan secured by the 703-room Marriott Crystal Gateway Hotel located in Arlington, Virginia. The previous loan had a final maturity date in November 2026.
The new, non-recourse loan totals $121.5 million and features a three-year initial term with two one-year extension options, subject to certain conditions. It provides for a floating interest rate of SOFR + 4.86% and is interest-only.
This refinancing generated approximately $31 million of excess proceeds, which will be used to pay down the company's strategic financing. This paydown, combined with an additional planned paydown, is expected to reduce the strategic financing loan balance below $50 million, thereby triggering the previously announced reduced exit fee.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.