By Mihaela Coste<\/p>\n
Ashford Hospitality Trust Inc. refinanced the loan secured for Hotel Indigo Atlanta Midtown, a historic 140-key asset with an existing outstanding balance totaling approximately\u00a0$15.6 million\u00a0and a final maturity date in June 2017. The new non-recourse, three-year term with two one-year extension options and an interest rate of 2.9 percent over LIBOR totals $16.1 million.<\/p>\n
The loan is interest-only for the first two years with a 30-year amortization schedule based on a 6 percent interest rate starting in the third year.\u00a0According to Fulton County records, Ashford Trust acquired the property in October 2015 for a price tag of $26 million.<\/p>\n
Located at 683 Peachtree St., Hotel Indigo Atlanta Midtown, formerly known as Cox-Carlton Hotel, was built in 1924 in the Georgian Revival style, being\u00a0designed by architecture firm Pringle and Smith. Between 1985 and 2004, Days Inn was the franchise operator of the property.<\/p>\n
After rehabilitation and renovation, the hotel reopened in October 2004 as part of the Hotel Indigo chain. The building\u00a0is\u00a0on the\u00a0National Register of Historic Places\u00a0list since November 2006.<\/p>\n
The asset is located in close proximity to Interstate 85 and US Route 29, offering easy access to nearby attractions. The list of amenities includes\u00a0concierge services, on-site health and fitness center, business center, pet-friendly accommodations and high-speed internet, as well as the\u00a0683 Midtown Bar and Bistro, which is located in the lobby.<\/p>\n
“Having now refinanced all of our 2017 maturities on what we believe to be attractive debt terms, we are looking ahead and have already commenced work on the only loan we have coming due in 2018,<\/em>” said\u00a0Douglas Kessler, Ashford Trust’s president & CEO, in a prepared statement.<\/p>\n Ashford\u2019s current portfolio consists of 122 properties encompassing\u00a0more than 25,000 rooms. The company\u2019s strategy is to invest in upper-scale, full-service hotels at all levels of the capital structure, primarily within the United States.<\/p>\n Images courtesy of Hotel Indigo Atlanta Midtown<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Formerly known as Cox-Carlton, the 140-key property operated under the Days Inn franchise between 1985 and 2004. Ashford Trust acquired the asset in 2015 for $26 million.<\/p>\n","protected":false},"author":1192,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21825,21751,21742],"tags":[34101,35794],"class_list":["post-1004178313","post","type-post","status-publish","format-standard","hentry","category-atlanta","category-finance","category-hotel","category-latest","tag-ashford-hospitality-trust-inc","tag-the-national-register-of-historic-places"],"acf":[],"yoast_head":"\n