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News and Information Article
DALLAS, Dec. 27 /-FirstCall/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) today announced it has closed a $100 million warehouse facility
with UBS Real Estate Investments, Inc. to be secured by hotel loans. The new
facility is for a term of three years and bears interest with grid pricing in
the range of 150 to 275 basis points over LIBOR. Grid pricing will be
dependent upon the advance rate on the borrowing and the loan collateral type.
The new facility replaces a $45.6 million mezzanine loan warehouse
facility that bears interest at a rate of 625 basis points over LIBOR that was
paid off on November 10, 2005, in anticipation of the new facility. In
connection with the refinancing, the Company expects to incur a one-time
expense totaling approximately $1.1 million, or $0.02 per diluted share, in
the fourth quarter of 2005 for the write-off of unamortized loan costs and
early exit fees.
"This new credit facility significantly enhances our hotel lending
program," said Monty J. Bennett, President and CEO of Ashford Hospitality
Trust. "With the lower cost, grid pricing, and flexibility to finance first
mortgage, junior and mezzanine loans, we will now be able to bid more
competitively on new loan opportunities. Including this new facility, we have
financed or refinanced almost $1 billion in debt during 2005, while at the
same time securing long-term, low-cost, fixed-rate financing with flexible
terms in a very favorable market. Through these efforts, we have expanded our
unencumbered asset base, reduced our weighted averaged fixed cost of debt to
5.6%, extended our weighted average debt maturity to approximately 10 years
and fixed the rate on approximately 93% of our non-revolving debt. Moreover,
we have increased our floating rate revolving line capacity, extended
maturities and substantially reduced our cost of capital in each of our credit
lines, giving us additional investment capacity."
Ashford Hospitality Trust is a self-administered real estate investment
trust focused on investing in the hospitality industry across all segments and
at all levels of the capital structure, including direct hotel investments,
first mortgages, mezzanine loans and sale-leaseback transactions. Additional
information can be found on the Companys web site at http://www.ahtreit.com.
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 Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result," "may,"
"anticipate," "estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking statements. Such forward-
looking statements include, but are not limited to, the impact of the
financing on our business and future financial condition, our business and
investment strategy, our understanding of our competition and current market
trends and opportunities and projected capital expenditures. Such statements
are subject to numerous assumptions and uncertainties, many of which are
outside Ashfords control.
These forward-looking statements are subject to known and unknown risks
and uncertainties, which could cause actual results to differ materially from
those anticipated, including, without limitation: general volatility of the
capital markets and the market price of our common stock; changes in our
business or investment strategy; availability, terms and deployment of
capital; availability of qualified personnel; changes in our industry and the
market in which we operate, interest rates or the general economy; and the
degree and nature of our competition. These and other risk factors are more
fully discussed in Ashfords filings with the Securities and Exchange
Commission.
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 are not obligated to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or circumstances, changes in expectations or
otherwise.
Contact: Douglas Kessler Tripp Sullivan
COO and Head of Acquisitions Corporate Communications, Inc.
(972) 490-9600 (615) 254-3376
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