ASHFORD HOSPITALITY TRUST ANNOUNCES CLOSING OF $580 MILLION MORTGAGE LOAN SECURED BY 16 HOTELS

Core Insights - Ashford Hospitality Trust, Inc. has successfully closed a $580 million refinancing secured by 16 hotels, which includes hotels from previous loan pools and the Westin Princeton [1][2] - The previous loans had a combined outstanding balance of approximately$438.7 million, and the new financing is non-recourse with a two-year term and three one-year extension options [1] - The interest rate on the new financing is set at SOFR + 4.37%, and approximately $72 million of the excess proceeds were used to pay off the remaining balance on strategic financing [1][2] Financial Impact - The refinancing generated enough excess proceeds to fully pay off the strategic financing and set aside significant reserves for future capital expenditures [2] - The refinancing has addressed several pending loan maturities and eliminated all corporate-level debt for the company [2] Company Overview - Ashford Hospitality Trust is a real estate investment trust (REIT) that primarily invests in upper upscale, full-service hotels [2]