Ashford real estate trust completes hotel refi

AP News
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Posted: Jan 04, 2010 4:03 PM

Ashford Hospitality Trust Inc., a hotel real estate investment trust, said Monday it finished a $19.7 million refinancing of its Hilton El Conquistador Hotel and country Club in Tuscon, Ariz.

The old loan was to mature in June 2011. The new loan, with MetLife, is interest-only for 5 years. Ashford said it had $197.9 million in cash as of Sept. 30.

"This financing brings us to a total of $285 million in new loans and/or restructures completed in 2009," said CEO Monty Bennett in a statement. "Having already eliminated our 2010 non-extendable loan maturities, we continue to proactively address our upcoming 2011 maturities."

Shares rose 15 cents, or 3.2 percent, to $4.79 during late-day trading. The stock has traded between 90 cents and $5.31 over the past year.