Ashford Hospitality Prime gets $150 million loan following spinoff

By Marisa Wong

Madison, Wis., Nov. 20 - Ashford Hospitality Prime, Inc. entered into a new $150 million secured credit facility with Bank of America, NA as administrative agent and Credit Agricole, Credit Suisse, Deutsche Bank, KeyBank, and Morgan Stanley as lenders, according to an 8-K filing with the Securities and Exchange Commission.

The new three-year facility includes two one-year extension options and bears interest at Libor plus 225 basis points to 375 bps, depending on the leverage level of the company.

The borrowing capacity may be expanded by up to $150 million for an aggregate size of $300 million.

The company entered into the credit facility on Nov. 19 in connection with its spinoff from Ashford Hospitality Trust, Inc.

Ashford Hospitality Prime is a Dallas-based real estate investment trust focused on investing in high RevPAR full-service and urban select-service hotels.

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