Ashford receives payoff on $33.6 million mezz loan
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Ashford receives payoff on $33.6 million mezz loan
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Catégorie : Monde - Économie du secteur -
Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 17-02-2010
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."
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