-
Marriott Crystal Gateway Hotel – Image Credit Marriott
Ashford Hospitality Trust has announced that it has successfully refinanced its mortgage loan, which was secured by the 703-room Marriott Crystal Gateway Hotel in Arlington, Virginia. The previous mortgage loan was due to mature in November 2026.
The new non-recourse loan is worth $121.5 million. It has an initial term of three years and the option for two one-year extensions, provided certain conditions are met. The loan’s interest is only payable and provides a floating rate of SOFR + 4.86%.
The refinancing has generated approximately $31 million in excess proceeds. These funds will be directed towards reducing the company’s strategic financing. The significant paydown resulting from this refinancing will trigger a reduction in the exit fee on its strategic financing, as previously announced by the company. The reduction in the exit fee from 15.0% to 12.5% of the original loan balance will be effective through December 15, 2024, provided that the outstanding loan balance has been reduced to $50 million or less by November 15, 2024.
Ashford Trust’s President and Chief Executive Officer, Stephen Zsigray, expressed satisfaction at the successful refinancing, stating, “We are pleased to complete this refinancing of the Marriott Crystal Gateway and generate significant proceeds to pay down our strategic financing.” Zsigray added, “We continue to make meaningful progress in our plan to pay off this financing by the end of this year.”
Ashford Hospitality Trust specializes in investing predominantly in upper upscale, full-service hotels.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
HP 14 Laptop, Intel Celeron N4020, 4 GB RAM, 64 GB Storage, 14-inch Micro-edge HD Display, Windows 11 Home, Thin & Portable, 4K Graphics, One Year of Microsoft 365 (14-dq0040nr, Snowflake White)
$146.99 (as of February 4, 2025 20:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
MODARI Tire Inflator Portable Air Compressor - 4X Faster 160 PSI Air Pump for Car Tires - Wireless Car Tire Inflator with Pressure Gauge - Portable Tire Inflator for Car, Pickup, Motor and More
$79.99 (as of February 5, 2025 19:27 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
DoHonest Baby Car Camera HD 1080P - Rear-Facing Car Baby Monitor with Night Vision, Adjustable View Angle, Easy Setup, Anti-Glare Display, Safety for Kids & Infants
$18.99 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
beadsland Flat Back Crystal Rhinestones Round Gems for Nail Art and Craft Glue Fix, CrystalAB (4.6-4.8mm) SS20/1440pcs
$8.29 (as of February 4, 2025 20:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
