Ashford Hospitality gets $100 million three-year secured revolver

By Angela McDaniels

Tacoma, Wash., Nov. 14 – Ashford Hospitality Prime, Inc. entered into a new $100 million three-year secured revolving credit facility that replaces its previous credit facility due to mature this month, according to a company news release.

The interest rate is Libor plus a margin that ranges from 225 basis points to 350 bps, depending on the company’s leverage.

There are two one-year extension options.

The revolver has a $150 million accordion feature.

Bank of America Merrill Lynch is the lead arranger, and Bank of America, NA is the administrative agent. Other participating lenders include KeyBank, Morgan Stanley and Credit Agricole.

Because the company had a zero balance on the previous credit facility, no cash was used to pay it down upon termination.

Ashford is a Dallas-based real estate investment trust focused on luxury hotels.

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