Ashford Hospitality Trust, Inc. announced that it has successfully refinanced three mortgage loans with existing balances of approximately $268 million. The previous mortgage loans that were refinanced include: $91 million UBS 2 loan with a final maturity date in December 2015; $103 million Merrill 2 loan with a final maturity date in February 2016; and $74 million Merrill 7 loan with a final maturity date in February 2016. The new loan totals $375 million and resulted in excess proceeds of approximately $81 million after closing costs and reserves.

The next hard debt maturity for the Company is in April 2017. Regarding the refinancing, the previous mortgage loans were refinanced through one new mortgage loan pool with a two-year initial term and four one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 4.87%.

The loan is secured by seventeen hotels: Sheraton City Center Indianapolis, Hilton Houston Nassau Bay, Hilton St. Petersburg Waterfront, Embassy Suites Palm Beach, Embassy Suites Houston Galleria, Courtyard Crystal City Arlington, Courtyard Alpharetta, Courtyard Foothill Ranch, Residence Inn Falls Church, Residence Inn San Diego Sorrento Mesa, Embassy Suites Austin Arboretum, Embassy Suites Dallas Galleria, Embassy Suites Las Vegas Airport, Courtyard Bloomington, Hampton Inn Evansville, Residence Inn Evansville, and Hilton Garden Inn Jacksonville. Through this refinancing, the SpringHill Suites Jacksonville is now unencumbered by debt.