Ashford Hospitality Trust Inc. (NYSE:AHT) ("Ashford Trust") acquired Embassy Suites by Hilton New York Midtown Manhattan for approximately $200 million on January 22, 2019. In connection with this transaction, Ashford Trust entered into a $145 million non-recourse mortgage loan at closing. The loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. In addition, Ashford Inc. committed to provide Ashford Trust with approximately $19.5 million under the terms of the Enhanced Return Funding Program. As of March 13, 2020, $8.1 million had been funded and $11.4 million remains unfunded. Under the terms of the extension agreement, the original obligation to provide the remaining $11.4 million in funding by January 22, 2021 has been extended to December 31, 2022. Remington Lodging took over management of the property following the acquisition. Ashford Hospitality Trust Inc. (NYSE:AHT) completed the acquisition of Embassy Suites by Hilton New York Midtown Manhattan on January 22, 2019.