Ashford Hospitality Makes Further Progress on Near-Term Debt Maturities With JW Marriott San Francisco Loan Extension (United States)
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Ashford Hospitality Makes Further Progress on Near-Term Debt Maturities With JW Marriott San Francisco Loan Extension (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 2010-07-12
Ashford Hospitality Trust, Inc. (NYSE:AHT) today announced it has restructured the $52.5 million loan with Capmark Bank that is secured by the JW Marriott San Francisco. The modification provides a full extension of the loan maturity to March 2013 without tests and maintains the interest rate at 375 basis points over LIBOR (LIBOR floor of 2.5%) in exchange for a reduction in the loan balance of $5.0 million at closing. The loan was set to mature in March 2011 and had two one-year extension options.
Since January 1st, 2009, Ashford has completed $495 million of loan extensions, modifications, and refinancings. The Company does not have any non-extendable 2010 loan maturities. In 2011, the Company's non-extendable loan maturities include a $6 million loan due in the first quarter and $203 million due at the end of the fourth quarter.
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company's web site at www.ahtreit.com.
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