Ashford Hospitality provides update on plan to pay off financing

Ashford Hospitality Trust provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising. The Company currently has several assets at various stages of being available for sale: 390-room Hilton Boston Back Bay, 444-room Ritz-Carlton Atlanta, 296-room Westin Princeton, 351-room Hyatt Savannah, 193-room One Ocean, 350-room Residence Inn Sea World Orlando, 144-room Residence Inn Salt Lake City, 168-room Courtyard Overland Park, 90-room Courtyard Manchester, 86-room Hampton Inn Lawrenceville, 90-room SpringHill Suites Kennesaw, 87-room Fairfield Inn Kennesaw. Through these asset sales the Company intends to generate incremental proceeds which will be used: to pay down the strategic financing, to deleverage the balance sheet, and 3) for general corporate purposes. The Company is unlikely to sell all of these assets, but plans to determine which assets are capturing the most attractive valuations and providing sufficient proceeds levels above allocated debt balances and mortgage release prices. The Company is also working with lenders to refinance its loan secured by the Renaissance Nashville in Nashville, Tennessee, its Morgan Stanley Pool Loan with 17 hotels located in several states, its loan secured by the Marriott Gateway in Arlington, Virginia, and its loan secured by the Indigo Atlanta in Atlanta, Georgia. The Company believes there could be substantial excess proceeds from the refinancing of the Renaissance Nashville loan which can be used to pay down the Company’s strategic financing.