DALLAS, May 9, 2024 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today
announced that it has closed on the refinancing of the mortgage
loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final
maturity date in March 2026.
The new, non-recourse loan totals $267.2
million, and has a two-year initial term with three one-year
extension options, subject to the satisfaction of certain
conditions. The loan is interest only and provides for a
floating interest rate of SOFR + 3.98%. The previous loan
totaled $240.0 million and included
the 296-room Westin Hotel in Princeton, New Jersey. As part of this
refinancing, the Westin Princeton is now unencumbered and the
Company has listed this property for sale. The Company plans
to use the excess proceeds from the refinancing for general
corporate purposes including paying down the Company's strategic
financing.
"We are pleased to announce the refinancing of the Renaissance
Nashville on attractive terms with significant excess proceeds,"
said Rob Hays, Ashford Trust's
President and Chief Executive Officer. "We continue to make solid
progress in paying off our strategic financing and have several
assets in the market at various stages of the sales process.
We look forward to providing more updates in the coming weeks."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans, including the
Company's plan to pay down its strategic financing. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," "could,"
"plan," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to numerous
assumptions and uncertainties, many of which are outside of Ashford
Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to raise sufficient capital to pay off our
strategic debt; our ability to repay, refinance, or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully discussed
in Ashford Trust's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are made only as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. We are not obligated to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or circumstances,
changes in expectations, or otherwise, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.