DALLAS, Nov. 12,
2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") announced today that
it has successfully entered into a 90-day forbearance period for
its Morgan Stanley Pool loan secured by 17 hotels. The loan had a
final maturity date of November 9,
2024. The Company is in active discussions with the lender
regarding a multi-year extension of the loan and expects to have
that finalized during the 90-day period.
"We are currently in active discussions with lenders regarding
extensions and refinancings on several of our loans," commented
Stephen Zsigray, Ashford Trust's
President and Chief Executive Officer. "We have now also reduced
the balance of our strategic financing to approximately
$48.6 million and triggered the exit
fee reduction as announced last week. While it continues to be a
challenging environment, we are working diligently to achieve
attractive outcomes with our financings and maximize the value of
our assets for our shareholders. We look forward to providing
additional updates as we make more progress on these efforts."
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; the impact of
technology on our operations and business; the risk that the notice
and noncompliance with NYSE continued listing standards may impact
the Company's results of operations, business operations and
reputation and the trading prices and volatility of the Company's
common stock; and the Company's ability to regain compliance with
the NYSE continued listing standards. 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.
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SOURCE Ashford Hospitality Trust, Inc.