Ashford receives payoff on $33.6 million mezz loan
|
|
Ashford receives payoff on $33.6 million mezz loan
|
Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-02-17
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it completed the previously disclosed discounted payoff with the borrower on the Company’s $33.6 million mezzanine loan, which was secured by interests in the Ritz-Carlton, Key Biscayne and set to mature in 2017. The Company received $20 million in cash and a $4 million note secured by interests in the property and that matures in 2017. The Company had previously recorded an impairment of $10.7 million to account for the discounted payoff in the third quarter of 2009.
Monty Bennett, Chief Executive Officer of Ashford, noted, "We continue to actively manage our loan portfolio and recover the value inherent in the assets. Given the current environment, we are pleased to complete this negotiated payoff with a favorable outcome for both parties. The impact of the market downturn has been particularly felt in the luxury sector."
|
|
