Ashford Hospitality grabs $350 million lifeline to stave of insolvency
Oaktree Capital Management CEO Jay Wintrob and Ashford Trust CEO Rob Hays (iStock) The price is high, but one of the nation’s largest hotel investment trusts will live to be hospitable another day. Ashford Hospitality Trust secured a $350 million loan facility to see it through the pandemic, which has decimated the travel and leisure industry. It will pay 16 percent interest in the first two years and 14 percent in the third, plus exit fees that could bring the total payback cost to nearly $600 million. With a national vaccination effort underway, Oaktree Capital Management agreed to supply...
Source: therealdeal.com