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Case Study

Refinancing - Ashford Hospitality Nine-Asset Portfolio

​Jones Lang LaSalle's Hotels & Hospitality Group was engaged by Ashford Hospitality Trust to source non-recourse debt to facilitate the refinancing of nine full- and select-service hotels.
 
The sponsor required maximum available proceeds and flexible pre-payment provisons.
 
The geographically diverse portfolio consists of three full-service and six select-service hotels totaling 1,337 keys:
- Hyatt Regency Coral Gables (Coral Gables, FL)
- One Ocean Resort & Spa (Jacksonville, FL)
- Hilton Santa Fe Historic Plaza (Santa Fe, NM)
- Residence Inn Las Vegas (Las Vegas, NV)
- SpringHill Suites BWI (Linthicum Heights, MD)
- Homewood Suites Mobile (Mobile, AL)
- SpringHill Suites Kennesaw (Kennesaw, GA)
- Hampton Inn Lawrenceville (Lawrenceville, GA)
- Fairfield Inn Kennesaw (Kennesaw, GA)
 
The Portfolio achieved $11.8 million of net operating income in 2011 and is budgeted to attain $13.0 million in 2012, demonstrating strong in-place cash flow and solid operating margins.
 
The team successfully secured a $135.0 million financing package comprised of mortgage and mezzanine debt from a single money center bank in May 2012.
The new loan, which reflected a loan-to-value of 80.0%, will support Ashford Hospitality Trust in maintaining their liquidity position and give them greater financial flexibility to explore more accretive opportunities that maximize long-term shareholder value.

For more information please contact Mathew Comfort, 001 212 812 5871.

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