The original loan was scheduled to mature in March 2015. The new loan has a two-year initial term and three one-year extension options. The lender has not been disclosed.
Furthermore, the unpaid principal balance has been upsized by $35 million to $200 million, which results in excess net proceeds of $30 million. Those will be added to Ashford's unrestricted cash balance and improve the company's liquidity.
The new loan is interest only, with a floating rate tied to Libor plus 475 basis points and a 20 basis point floor.
There is no change in the roster of hotels securing the loan: Embassy Suites Philadelphia Airport, Embassy Suites Walnut Creek, Sheraton Mission Valley San Diego, Sheraton Anchorage and the Hilton Minneapolis/St. Paul Airport Mall of America.