Ashford Closes $100M Warehouse Line

Ashford Hospitality Trust Inc., a real estate investment trust based in Dallas, has reported the closing of a $100 million warehouse facility with UBS Real Estate Investments Inc.The new three-year facility, to be secured by hotel loans, bears interest (with grid pricing) ranging from 150 to 275 basis points over the London interbank offered rate. The grid pricing will be based on the advance rate on the borrowing and the loan collateral type, Ashford said. The new facility replaces a $45.6 million mezzanine loan warehouse facility with an interest rate of LIBOR plus 625 bps that was paid off in November. In connection with refinancing the facility, the REIT said it expects to incur a one-time expense of approximately $1.1 million in the fourth quarter for the writeoff of unamortized loan costs and early exit fees. Ashford can be found online at http://www.ahtreit.com.