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Ashford Hospitality plans to save millions on interest payments as it continues to refinance hotels.
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Hotel network Ashford Hospitality Trust missed interest and principal payments on nearly all of its loans.
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As it prepares to transition from being publicly-traded to a new life as a private company, the hotel-focused REIT is switching up its leadership.
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The move comes as the REIT goes on a selling spree to chip down on its maturing strategic financing debt.
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Ashford Hospitality Picking Up W Atlanta Downtown In Deal Breaking $50M;
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Ashford was among companies criticized by the administration for taking PPP funds.
Ashford aims to raise $200M and might go bankrupt if it doesn't.
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Ashford Hospitality Trust said it is in the best interest of its stakeholders to not pay $255M to extend the loans on 19 of its hotel properties.
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The hotels include a Hyatt Regency Coral Gables and the Beverly Hills Marriott.
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The Dallas-based REIT has also been working to sell assets and extend loans this year, facing a large amount of maturing debt.
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