Ashford Hospitality Trust Inc. has refinanced its mortgage loans for the 157-room La Posada de Santa Fe in Santa Fe, NM, which had a final maturity date in November, and the 252-room Hilton Alexandria in Alexandria, VA, which had a final maturity date in June. These two loans were the company’s only final debt maturities in 2023.
The new, non-recourse loan totals $98.5 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00%.
“We are very pleased to complete the refinancing of these loans during a challenging time in the hotel financing market,” said Rob Hays, president/CEO, Ashford Trust. “Importantly, this refinancing did not require any paydown from the previous loan balances and pushes out the maturities. We continue to focus on our upcoming extension tests and believe our portfolio is well-positioned to outperform.”