ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Files An 8-K Regulation FD Disclosure
ITEM 7.01 REGULATION FD DISCLOSURE
On January 23, 2019, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) announced that it has completed the acquisition of the 310-room Embassy Suites by Hilton New York Midtown Manhattan (the “Property”) for $195 million ($629,000 per key). In connection with this transaction, the Company entered into a $145 million non-recourse mortgage loan at closing. The loan 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 bears interest at a rate of LIBOR + 3.90%. As part of this transaction, the Company received an ERFP commitment of an estimated $19.5 million from Ashford Inc. Based upon announced or recently closed transactions, including the Property, Ashford Trust has achieved approximately 80% committed utilization of the pledged $50 million of ERFP funding from Ashford Inc.
The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. A copy of the press release is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)Exhibits
Exhibit Number Description
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99.1 |
Press Release of the Company, dated January 23, 2019
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ASHFORD HOSPITALITY TRUST INC Exhibit
EX-99.1 2 aht-manhattanpr1x23x19.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1NEWS RELEASEContact:Deric EubanksJordan JenningsJoe Calabrese Chief Financial OfficerInvestor RelationsFinancial Relations Board (972) 490-9600(972) 778-9487(212) 827-3772ASHFORD TRUST COMPLETES ACQUISITION OF THE EMBASSY SUITES NEW YORK MIDTOWN MANHATTAN FOR $195 MILLIONAcquisition Highlights:•Newly-constructed,…
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About ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT)
Ashford Hospitality Trust, Inc. (Ashford), together with its subsidiaries, is an externally advised real estate investment trust (REIT). The Company operates through direct hotel investments segment. It is focused on investing in the hospitality industry with a focus on full-service upscale and upper-upscale hotels in the United States. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Its hotels are operated under the brands of Hilton, Hyatt, Marriott, Starwood and Intercontinental Hotels Group. The Company’s hotels portfolio is asset-managed by Ashford LLC. The Company is focused on direct hotel investments and it may invest in a range of lodging-related assets. Its investments may include direct hotel investments; mezzanine financing through origination or acquisition; first-lien mortgage financing through origination or acquisition, and sale-leaseback transactions.