Ashford Hospitality Trust recently completed the latest in a series of refinancings of hotels that it owns. In this case, the portfolio totals 22 properties, and the refi totaled about $972M, replacing a loan with a maturity in 2021.
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The new mortgage has a two-year initial term and five one-year extension options. According to Ashford, the deal will save the company about $11M annually in interest payments compared to the old financing.
The properties securing the mortgage are in various parts of the country, including Massachusetts, Colorado, suburban Washington, D.C., Georgia, Florida, New Jersey, New York, Nebraska and California. There is a particularly strong concentration of hotels in Texas: Hilton Garden Inn Austin, Marriott DFW Airport, Marriott San Antonio and Sugar Land Marriott.
Ashford focuses on full-service upscale and upper-upscale hotels in the United States. The company's hotels are operated under the brands of Hilton, Hyatt, Marriott, Starwood and InterContinental Hotels Group.
The 22-property refi is merely the latest for the REIT, which has been busy refinancing other groups of hotels in recent months, under similar terms. In January, for instance, Ashford refinanced a $377M mortgage on eight hotels, and in October the company obtained refinancing for a $413M mortgage on 17 hotels.
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