{"id":1004204288,"date":"2018-01-19T01:13:55","date_gmt":"2018-01-19T09:13:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204288"},"modified":"2022-12-03T14:17:21","modified_gmt":"2022-12-03T22:17:21","slug":"ashford-trust-refinances-8-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-trust-refinances-8-hotel-portfolio\/","title":{"rendered":"Ashford Trust Refinances 8-Hotel Portfolio"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004204289\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004204289\" data-attachment-id=\"1004204289\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-refinances-8-hotel-portfolio\/douglas-kessler-ashford-hospitality-trust-inc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg\" data-orig-size=\"2205,1659\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;P45+&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1368049140&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;100&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0080000237565665&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Douglas Kessler, Ashford Hospitality Trust Inc.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Douglas Kessler, Ashford Hospitality Trust Inc.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?w=1024\" loading=\"lazy\" class=\"wp-image-1004204289 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg\" alt=\"Douglas Kessler, Ashford Hospitality Trust Inc.\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg 2205w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=768,578 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=1024,770 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=1536,1156 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=2048,1541 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=150,113 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=696,524 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=1068,804 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=1920,1445 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=558,420 558w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Douglas-Kessler-Ashford-Hospitality-Trust-Inc.-e1516350623489.jpg?resize=80,60 80w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004204289\" class=\"wp-caption-text\">Douglas Kessler, Ashford Hospitality Trust Inc.<\/p><\/div>\n<p>For the third time in three months, Ashford Hospitality Trust Inc. has refinanced a mortgage loan. In the latest transaction, the Dallas-based REIT refinanced a mortgage loan that had an outstanding balance of approximately $377 million and was secured by eight hotels.<\/p>\n<p>The original loan was part of the BAML 1 &amp; 2 Pool loan with a maturity date of January 2020. The REIT said the new loan totals $395 million and should result in annual interest savings of about $6.5 million.<\/p>\n<p>The new mortgage has a two-year initial term and five one-year extension options. The loan is interest-only and provides for a floating interest rate of LIBOR plus 3.0 percent. The loan is secured by the following hotels:<\/p>\n<ul>\n<li>Embassy Suites, Portland<\/li>\n<li>Embassy Suites Crystal City, Va.<\/li>\n<li>Embassy Suites in Orlando, Fla.<\/li>\n<li>Embassy Suites Santa Clara, Calif.<\/li>\n<li>Crowne Plaza Key West, Fla.<\/li>\n<li>Hilton Costa Mesa, Calif.<\/li>\n<li>Sheraton Minneapolis<\/li>\n<li>Historic Inns of Annapolis, Md.<\/li>\n<\/ul>\n<div id=\"attachment_1004204290\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004204290\" data-attachment-id=\"1004204290\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ashford-trust-refinances-8-hotel-portfolio\/hilton-costa-mesa\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg\" data-orig-size=\"3110,2340\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hilton Costa Mesa\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hilton Costa Mesa&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?w=1024\" loading=\"lazy\" class=\"size-medium wp-image-1004204290\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg\" alt=\"Hilton Costa Mesa\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg 3110w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=768,578 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=1024,770 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=1536,1156 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=2048,1541 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=150,113 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=696,524 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=1068,804 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=1920,1445 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=558,420 558w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Hilton-Costa-Mesa-e1516350719377.jpg?resize=80,60 80w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004204290\" class=\"wp-caption-text\">Hilton Costa Mesa<\/p><\/div>\n<p><em>\u201cThis refinancing is a continuation of our strategy to take advantage of the strength in the debt markets to address a future maturity and achieve substantial expected savings in annual interest payments,\u201d<\/em> Douglas Kessler, Ashford Trust\u2019s president &amp; CEO, said in a prepared statement. <em>\u201cWith our three recent refinancings, we have now achieved expected annual interest savings of over $19 million. Going forward, we will continue to focus on looking for similar refinancing opportunities to create shareholder value.\u201d<\/em><\/p>\n<h2>Other refinancing deals<\/h2>\n<p>In late October, Ashford Trust completed two separate refinancing. The first one was for Hilton Boston Back Bay, that had an outstanding balance of about $95 million and a final maturity date of January 2018. The new non-recourse loan for that property totaled $97 million with a five-year term and had a floating interest rate of LIBOR plus 2.0 percent. It was expected to result in annual interest and principal payments savings of approximately $2.8 million.<\/p>\n<p>A day later, on Oct. 31, the company said it had refinanced a mortgage loan with an outstanding balance of about $413 million. That loan was part of the BAML 27 Pool loan with a final maturity date of December 2021. The new loan totaled $427 million and was expected to result in annual interest savings of about $9.8 million. It had a two-year initial term and five one-year extensions, was interest only and a floating interest rate of LIBOR plus 3.0 percent. That refinancing was secured by 17 hotels: four Courtyards, five <a href=\"https:\/\/www.commercialsearch.com\/news\/embassy-suites-by-hilton-opens-doors-in-nc-convention-district\/\">Embassy Suites<\/a>, one Hampton Inn, one Hilton Garden Inn, two Hiltons, three Residence Inns and one Sheraton.<\/p>\n<p>Ashford Trust is a REIT that focuses on upper upscale, full-service hotels mainly with Marriott and Hilton brands. Its current portfolio encompasses about 120 properties and more than 25,000 rooms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Secured by assets across several states, the previous mortgage loan had an outstanding balance of roughly $377 million and was due to mature in 2020.<\/p>\n","protected":false},"author":1068,"featured_media":1004204289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,23891,21742],"tags":[34101,36610,32805,33877],"class_list":["post-1004204288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-national","category-latest","tag-ashford-hospitality-trust-inc","tag-douglas-kessler","tag-hilton","tag-marriott"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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