Ashford Hospitality ( (AHT) ) has issued an update.
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Ashford Hospitality Trust has successfully refinanced the mortgage loan for the Marriott Crystal Gateway Hotel in Arlington, Virginia, securing a $121.5 million non-recourse loan with a floating interest rate of SOFR + 4.86%. This refinancing generates $31 million in excess proceeds, which will help reduce the company’s strategic financing loan balance below $50 million, triggering a reduced exit fee. The move is part of Ashford’s ongoing efforts to strategically manage its debt and enhance financial stability.
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