DALLAS-Ashford Hospitality Trust Inc. has used five hotels, bought in October, to secure a $36-million non-recourse loan with Merrill Lynch Capital of New York City.

The loan has an interest rate of 325 basis points over Libor and includes an $8.2-million holdback fund for the previously announced renovations at Embassy Suites hotels, totaling 563 rooms, in Phoenix, Flagstaff, AZ and Syracuse, NY and Doubletree Guest Suites, with 332 rooms, in Columbus and Dayton, OH. “With this transaction, we have taken advantage of the current interest rate environment and secured attractive financing,” Monty J. Bennett, Ashford Hospitality president and CEO, said in a press release. And, he added, the capital infusion refuels the coffer for additional acquisitions. The terms call for interest-only for two years and a one-year extension option at the initial maturity.

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