Ashford Hospitality Trust Wins $972M Refi For U.S. Hotel Portfolio
Ashford Hospitality plans to save millions on interest payments as it continues to refinance hotels.
Ashford Hospitality plans to save millions on interest payments as it continues to refinance hotels.
Hotel network Ashford Hospitality Trust missed interest and principal payments on nearly all of its loans.
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.
The move comes as the REIT goes on a selling spree to chip down on its maturing strategic financing debt.
Ashford Hospitality Picking Up W Atlanta Downtown In Deal Breaking $50M;
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.
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.
The hotels include a Hyatt Regency Coral Gables and the Beverly Hills Marriott.
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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