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Ashford Hospitality Trust refinances loans on 34 hotels

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Capital Markets View – January 2021


Ashford Hospitality Trust refinances loans on 34 hotels

Ashford Hospitality Trust Inc. refinanced seven mortgage loans with existing outstanding balances totaling about $1.07 billion, bringing the company's refinancing activity since the start of 2017 to $3.4 billion.

The loans, which the company replaced in a new financing comprising six mortgage loans, cover 34 hotels. The interest-only loans in the new financing together total about $1.27 billion and average approximately $211.7 million. Each has a two-year initial term with five one-year extension options, subject to certain conditions.

The new loans bear interest at a combined weighted average of the London Interbank Offered Rate plus 3.85%, 72 basis points lower than the previous loans. Their terms allow for the spread to potentially be lowered, depending on the ultimate pricing of the securitization containing the debt.

The loans are secured by the following: Courtyard-Columbus Tipton Lakes, Courtyard-Old Town Scottsdale, Residence Inn-Phoenix Airport, SpringHill Suites-Manhattan Beach, SpringHill Suites-Plymouth Meeting, Residence Inn-Las Vegas, Residence Inn-Newark, Courtyard-Newark, SpringHill Suites-BWI Airport, Courtyard-Oakland Airport, Courtyard Plano Legacy, Residence Inn Plano, TownePlace Suites-Manhattan Beach, Courtyard-Basking Ridge, Sheraton-Mission Valley San Diego, Sheraton-Bucks County, Hilton-Fort Worth, Hyatt Regency-Coral Gables, Hilton Minneapolis, Hilton-Santa Fe Historic Plaza, Embassy Suites-Dulles Airport, Marriott-Beverly Hills, One Ocean Resort, Marriott Suites-Market Center, Marriott-Memphis East, Embassy Suites-Philadelphia Airport, Sheraton-Anchorage, Lakeway Resort & Spa, Marriott-Fremont Silicon Valley, W Hotel-Atlanta-Downtown, Embassy Suites-Flagstaff, Embassy Suites-Walnut Creek, Marriott-Bridgewater and Marriott-Durham Research Triangle Park.

The refinanced loans were the MIP Portfolio loan, with a final maturity date in February 2019; the Morgan Stanley Pool A loan, with a final maturity date in August 2019; the Morgan Stanley Pool B loan, with a final maturity date in August 2019; the Marriott Memphis loan, with a final maturity date in April 2020; the Lakeway Resort loan, with a final maturity date in May 2020; the W Atlanta Downtown loan, with a final maturity date in July 2020; and the JP Morgan 17-Pack loan, with a final maturity date in October 2022.