Hotel REIT Says It Will ‘Likely’ Return 19 Properties to Lenders
- Ashford Trust also extended debt on other groups of hotels
- Properties would have required a paydown of about $255 million
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Ashford Hospitality Trust Inc. expects to return 19 hotels to lenders in cities including Las Vegas and Atlanta, declining to pour more cash into the properties, which are part of a $982 million mortgage pool that missed a repayment deadline in June.
Keeping the hotels would have required a paydown of about $255 million to extend the financing and $80 million in capital expenditures through 2025, Dallas-based Ashford Trust said in a statement Friday. The equity in the properties is already negative, based on comparable sales and brokers opinion of value, according to the statement.