Ashford Hospitality closes $19.7 million refinancing of Hilton El Conquistador Hotel (United States)
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Ashford Hospitality closes $19.7 million refinancing of Hilton El Conquistador Hotel (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-01-06
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced the refinancing of its $19.74 million loan secured by the Hilton El Conquistador Hotel and Country Club in Tucson, Arizona on December 29, 2009. The loan was set to mature in June 2011. The new non-recourse financing with MetLife for the same amount bears interest at the greater of 5.5% or LIBOR plus 350 basis points and is interest only for a term of five years. The Company’s average current interest rate on its total indebtedness, giving credit to the interest rate swap and flooridors, is 2.98%. As of September 30, 2009, the Company had $197.9 million of unrestricted cash available.
Monty Bennett, Chief Executive Officer of Ashford, noted, "This financing brings us to a total of $285 million in new loans and/or restructures completed in 2009. Having already eliminated our 2010 non-extendable loan maturities, we continue to proactively address our upcoming 2011 maturities.”
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