8-K
filed July 7, 2023, 7:59 PM ET
ticker AHT
CIK 0001232582
other material
confidence high
sentiment negative
materiality 0.85
ASHFORD HOSPITALITY TRUST INC (AHT): debt financing — Ashford Trust defaults on three KEYS loan pools; expects to transfer 19 hotels to lenders
ASHFORD HOSPITALITY TRUST INC
- Elected not to extend KEYS Pools A, B & F ($570M+ debt); likely consensual transfer of 19 hotels to lenders.
- Extended Pools C, D & E with paydowns totaling ~$129M; avoids $255M in required paydowns on non-extended pools.
- Non-extended hotels had negative equity: trailing 12-month NOI debt yield 5.6% vs ~8.8% interest rate.
- Net debt to gross assets to decrease by >3 pp; total debt reduced by ~$700M (over 18%).
- Non-extended hotels generated only ~10% of trailing Hotel EBITDA; RevPAR to increase ~3% after removal.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ASHFORD HOSPITALITY TRUST INC amended loan.
- Instrument
- loan
- Event
- amendment
Exact text from the filing
The Company has extended its KEYS Pool C loan – secured by five hotels with a paydown of approximately $62 million
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ASHFORD HOSPITALITY TRUST INC amended loan.
- Instrument
- loan
- Event
- amendment
Exact text from the filing
its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ASHFORD HOSPITALITY TRUST INC amended loan.
- Instrument
- loan
- Event
- amendment
Exact text from the filing
its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ASHFORD HOSPITALITY TRUST INC reported a default on loan at approximately 8.8%.
- Instrument
- loan
- Rate
- approximately 8.8%
- Event
- default
Exact text from the filing
the Company has elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels
View on SEC.gov
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