Ashford Hospitality Trust Secures $98M Refinancing for 390-Room Hilton Back Bay Hotel
Ashford Hospitality Trust has refinanced its mortgage loan for the 390-room Hilton Boston Back Bay in Boston.
The new, non-recourse loan totals $98 million and has a four-year initial term with a one-year extension option, subject to the satisfaction of certain conditions. The loan is interest only for the initial term with $500,000 quarterly amortization payments during the extension term, and it provides for a floating interest rate of LIBOR + 3.80%.
Robert Douglas, a real estate advisory firm, assisted Ashford Trust with the transaction. Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.