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Ashford Trust refinances 4 mortgage loans, completes Calif. hotels sale

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Ashford Trust refinances 4 mortgage loans, completes Calif. hotels sale

Ashford Hospitality Trust Inc. said it refinanced four mortgage loans with a total outstanding balance of about $415 million with a new $450 million loan.

The new loan carries a two-year initial term and four one-year extension options. The interest-only loan carries a floating interest rate of LIBOR plus 4.55%.

The loan is secured against 18 hotels and replaces three Wachovia mortgage loans maturing in April 2017 and a JP Morgan Chase Marriott Fremont loan maturing in August 2019.

The company also completed the sale of two hotels in Palm Desert, Calif., for $36 million. The properties include the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert. Net proceeds from the sales amounted to about $11 million. An existing debt balance of about $24 million on the hotels was assumed by the buyer.