Ashford Hospitality provides update on plan to pay off strategic financing

Ashford Hospitality Trust provided an update on its previously announced plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising capital through a combination of asset sales, mortgage debt refinancings, and its non-traded preferred capital offering. The Company currently has three assets under Purchase and Sale Agreements and three additional assets under Letters of Intent. The combined sales prices of these six assets total more than $220 million. Additional assets are at various stages of the marketing process, and the Company plans to provide further updates in its earnings release this week. The Company provides no assurances that these sales will be completed. “As we announced last month, we are focused on paying off our strategic corporate financing in 2024,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We are making tangible progress with the plan and will continue to provide updates to our shareholders along the way. Between the excess proceeds from planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year.”