ASHFORD HOSPITALITY TRUST ANNOUNCES REFINANCING OF MORTGAGE LOAN SECURED BY THE MARRIOTT CRYSTAL GATEWAY

Core Viewpoint - Ashford Hospitality Trust has successfully refinanced its mortgage loan for the Marriott Crystal Gateway Hotel, generating significant proceeds to pay down strategic financing [1][4]. Financing Details - The new non-recourse loan amounts to $121.5 million with a three-year initial term and two one-year extension options, subject to certain conditions [2]. - The loan features an interest-only structure with a floating interest rate of SOFR + 4.86$31 million of excess proceeds, which will be utilized to reduce the Company's strategic financing [2]. Strategic Financing Update - The Company has reduced the exit fee on its strategic financing from 15.0% to 12.5% of the original loan balance until December 15, 2024, contingent upon reducing the outstanding loan balance to $50 million or less by November 15, 2024 [3]. - The$31 million pay down, along with an additional payment planned for the following week, will lower the loan balance below $50 million, thus triggering the reduced exit fee [3]. Management Commentary - The President and CEO of Ashford Trust expressed satisfaction with the refinancing outcome and emphasized the progress made towards paying off strategic financing by the end of the year [4].