ASHFORD HOSPITALITY TRUST ANNOUNCES EXTENSION OF MORTGAGE LOAN SECURED BY THE LE PAVILLON HOTEL
Ashford Hospitality Trust (NYSE: AHT) has successfully extended its mortgage loan for the 226-room Le Pavillon Hotel in New Orleans, Louisiana. The loan, maintaining its $37.0 million balance with no paydown requirement, had an initial maturity date in December 2024 and now includes two additional one-year extension options, potentially extending to December 2027. The company also announced the hotel's recent conversion to Marriott's Tribute Portfolio, with expectations of improved performance post-conversion.
Ashford Hospitality Trust (NYSE: AHT) ha esteso con successo il suo prestito ipotecario per il Le Pavillon Hotel di New Orleans, Louisiana, che dispone di 226 camere. Il prestito, mantenendo un saldo di 37,0 milioni di dollari senza requisi di pagamento, aveva una data di scadenza iniziale nel dicembre 2024 e ora include due opzioni di estensione di un anno, potenzialmente fino a dicembre 2027. L'azienda ha anche annunciato la recente conversione dell'hotel nel Tribute Portfolio di Marriott, con aspettative di una performance migliorata dopo la conversione.
Ashford Hospitality Trust (NYSE: AHT) ha logrado extender con éxito su préstamo hipotecario para el Le Pavillon Hotel en Nueva Orleans, Luisiana, que cuenta con 226 habitaciones. El préstamo, manteniendo un saldo de 37,0 millones de dólares sin requisito de pago, tenía una fecha de vencimiento inicial en diciembre de 2024 y ahora incluye dos opciones adicionales de extensión de un año, potencialmente hasta diciembre de 2027. La empresa también anunció la reciente conversión del hotel al Tribute Portfolio de Marriott, con expectativas de un mejor desempeño después de la conversión.
Ashford Hospitality Trust (NYSE: AHT)는 루이지애나주 뉴올리언스에 있는 226실 규모의 Le Pavillon Hotel에 대한 모기지 대출을 성공적으로 연장했습니다. 이 대출은 상환 요구 사항 없이 3,700만 달러의 잔액을 유지하고 있으며 초기 만기일은 2024년 12월이었고 이제 1년의 추가 연장 옵션 두 개를 포함하여 2027년 12월까지 연장될 수 있습니다. 또한 회사는 호텔이 최근 마리엇의 Tribute Portfolio로 전환되었으며, 전환 이후 성능 향상이 기대된다고 발표했습니다.
Ashford Hospitality Trust (NYSE: AHT) a réussi à prolonger son prêt hypothécaire pour le Le Pavillon Hotel à La Nouvelle-Orléans, en Louisiane, qui comprend 226 chambres. Le prêt, maintenant avec un solde de 37,0 millions de dollars sans exigence de remboursement, avait une date d'échéance initiale en décembre 2024 et comprend désormais deux options d'extension supplémentaire d'un an, pouvant aller jusqu'à décembre 2027. L'entreprise a également annoncé la récente conversion de l'hôtel dans le Tribute Portfolio de Marriott, avec des attentes d'amélioration de performance après la conversion.
Ashford Hospitality Trust (NYSE: AHT) hat erfolgreich sein Hypothekendarlehen für das Le Pavillon Hotel in New Orleans, Louisiana, mit 226 Zimmern verlängert. Das Darlehen, das einen Saldo von 37,0 Millionen Dollar ohne Rückzahlungsanforderung beibehält, hatte ursprünglich ein Fälligkeitsdatum im Dezember 2024 und umfasst nun zwei zusätzliche einjährige Verlängerungsoptionen, die möglicherweise bis Dezember 2027 verlängert werden können. Das Unternehmen gab auch die kürzliche Umwandlung des Hotels in das Tribute Portfolio von Marriott bekannt, mit der Erwartung einer verbesserten Leistung nach der Umwandlung.
- Successful loan extension with no required paydown
- Two additional one-year extension options secured until December 2027
- Hotel conversion to Marriott's Tribute Portfolio brand
- Continued $37.0 million debt obligation
Insights
The 226-room property's location in New Orleans' central business district positions it well for both leisure and business travelers. The extension through potentially 2027 provides vital breathing room for AHT, whose market cap of approximately
The ability to secure this extension without additional capital requirements suggests lender confidence in the property's performance potential, especially considering the Marriott rebranding. However, the company's high leverage ratio relative to its market cap remains a concern for long-term stability.
The timing aligns well with New Orleans' tourism recovery and the growing demand for unique, experiential hotels - a sweet spot for the Tribute Portfolio brand. Le Pavillon's historic character and prime location, combined with Marriott's operational expertise, creates a compelling value proposition. The loan extension provides the necessary runway for the property to fully realize the benefits of this repositioning, typically a 12-18 month ramp-up period for brand conversions of this nature.
"We are pleased to announce the extension of this loan," commented Stephen Zsigray, Ashford Trust's President and Chief Executive Officer. "We are also excited about the recent conversion of this hotel to Marriott's Tribute Portfolio and expect performance to ramp up quickly post conversion."
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our plan to pay off strategic financing; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business.. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.
View original content:https://www.prnewswire.com/news-releases/ashford-hospitality-trust-announces-extension-of-mortgage-loan-secured-by-the-le-pavillon-hotel-302336121.html
SOURCE Ashford Hospitality Trust, Inc.
FAQ
What are the terms of AHT's Le Pavillon Hotel loan extension?
How many rooms does AHT's Le Pavillon Hotel have?
What brand did AHT convert the Le Pavillon Hotel to?
What is the current outstanding balance of AHT's Le Pavillon Hotel loan?
When is the final maturity date for AHT's Le Pavillon Hotel loan?
