ASHFORD HOSPITALITY TRUST PROCURES $145 MILLION LOAN

DALLAS — Dallas-based Ashford Hospitality Trust has procured $145 million in non-recourse financing for the refinancing of five of its hotel properties. The portfolio totals 1,460 rooms and includes four Hilton hotels in California, Virginia, Florida and Oregon, and a Hilton hotel located in California. The financing package carries a 6-year term and includes a first mortgage provided by Prudential and a mezzanine loan provided by Wheelock Street. The loan was arranged by Hodges Ward Elliott. Proceeds will be used to retire a $75 million loan maturing next year and a $65.2 million loan maturing in 2011. The loan also provides $4 million for capital improvements to be completed over the next 2 years. Two Hilton-branded hotels located in New York and Michigan that were formerly included in the portfolio are now unencumbered.