Ashford Hospitality ( (AHT) ) just unveiled an announcement.
Ashford Hospitality Trust has announced an amendment to its strategic financing, reducing the exit fee from 15% to 12.5% provided that the loan balance is reduced to $50 million by mid-November 2024. This move is part of the company’s broader plan to pay off its only fully recourse debt through asset sales, mortgage refinancings, and capital raising. Significant progress has been made with asset sales generating $311 million and refinancing efforts that have decreased the loan balance to $82 million, marking a 59% reduction.
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