Ashford Hospitality Trust completes $105 million credit facility

By Sara Rosenberg

New York, Sept. 26 - Ashford Hospitality Trust Inc. closed on a new $105 million three-year senior revolving credit facility that includes a one-year extension option, according to a news release.

KeyBanc Capital Markets acted as the lead arranger and administrative agent on the deal.

Pricing on the revolver can range from Libor plus 275 basis points to 350 bps.

There is a $45 million accordion feature.

Financial covenants contained in the agreement are fixed-charge coverage ratio and leverage tests.

Proceeds were used to refinance an existing credit facility that was set to mature in April 2012 and are available for investment purposes, reduction of property level debt and other general corporate purposes.

Ashford is a Dallas-based real estate investment trust focused on investing in the hospitality industry.

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