BofA Merrill Lynch Increases Ashford Hospitality Facility
Ashford Hospitality Trust said it has expanded the revolving commitments under its senior credit facility from $145 million to $165 million. The terms of the credit facility remain unchanged including the option, subject to lender approval, to further expand the revolving commitments under the facility to an aggregate size of $225 million.
As part of the expansion, Bank of America Merrill Lynch has been added to the syndicate of banks supporting the facility, which now consists of six banks including Bank of America Merrill Lynch, Deutsche Bank, KeyBank, Morgan Stanley, UBS and Credit Suisse. The company’s only recourse obligation is its senior credit facility, which currently has no outstanding balance.
“We are very pleased to announce this increase of our borrowing capacity which further strengthens our liquidity and financial resources,” said Monty J. Bennett, chief executive officer of Ashford Hospitality Trust. “We remain committed to maintaining ample financial flexibility given market fluctuations arising from the current macroeconomic environment, while being ready to pursue any accretive investment opportunities that may arise.”
Ashford 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.