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Ashford secures $35M credit facility

Ashford Inc. entered a three-year, $35 million senior revolving credit facility with Bank of America NA.

The revolving line of credit will bear interest at a range of 3% to 3.5% over the London Interbank Offered Rate, depending on the leverage level of the company.

The company can extend the facility by one year if certain conditions are met. The company can expand the facility by up to $40 million, for an aggregate size of $75 million.

Ashford provides global asset management, investment management and related services to the real estate and hospitality sectors.