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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.
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