Ashford refinances Nashville hotel

Ashford Hospitality Trust—a real estate investment trust focused on investing predominantly in upper-upscale, full-service hotels—has closed on the refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville. The loan had a final maturity date in March 2026. 

The new, non-recourse loan totals $267.2 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest-only and provides for a floating interest rate of the secured overnight financing rate plus 3.98 percent. 

The previous loan totaled $240 million and included the 296-room Westin Hotel in Princeton, N.J. As part of this refinancing, the Westin Princeton is now unencumbered and the company has listed this property for sale. The company plans to use the excess proceeds from the refinancing for general corporate purposes including paying down the company's strategic financing.

"We are pleased to announce the refinancing of the Renaissance Nashville on attractive terms with significant excess proceeds," Rob Hays, Ashford Trust's president and CEO, said in a statement. "We continue to make solid progress in paying off our strategic financing and have several assets in the market at various stages of the sales process. We look forward to providing more updates in the coming weeks."