4-traders covered Ashford Hospitality Trust Inc.'s refinancing its $165 million MIP Portfolio mortgage loan, which had a final maturity date in March 2015. The loan on the portfolio has been refinanced with a new $200 million non-recourse mortgage loan and two mezzanine loans for five hotel properties located in California, Philadelphia, Alaska and Minnesota.
"We are very pleased to start 2014 on such a solid footing, by proactively refinancing the MIP Portfolio loan while also realizing substantial excess proceeds to improve our liquidity position," said Monty J. Bennett, Ashford Trust's chairman and chief executive officer. "This is yet another example of our team's proven ability to utilize favorable debt market conditions to manage our debt maturity schedule."
Ashford was represented by Gardere Partners Cynthia Nelson and Deirdre B. Ruckman, who both practice in the Firm's Hospitality Industry Team.
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