| Ashford Hospitality announced the refinancing of its remaining 2010 debt maturity and significant progress on the Company's 2011 maturities through transactions with Prudential Mortgage Capital Company and Wheelock Street Capital. The $145M non-recourse financing includes an A-Note from Prudential and a B-Note from Wheelock Street with a combined interest rate of 12.26% and a term of six years. The loans are secured by the Embassy Suites Crystal City, Embassy Suites Orlando Airport, Embassy Suites Santa Clara, Embassy Suites Portland and the Hilton Costa Mesa. The proceeds pay off a $75M loan maturing in 2010 and a $65.2M loan maturing in 2011 that are secured by the five properties, and provide $4M for capital improvements to be drawn over a 24-month period. The Hilton Auburn Hills and the Hilton Rye Town, which were included in the maturing loans, are now unencumbered. :theflyonthewall.com |
