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NEVIS, WEST INDIES-Ashford Hospitality Trust of Dallas, TX, has acquired an $18.2-million junior first mortgage loan participation on the 345-acre Four Seasons resort here. The loan bears interest at LIBOR plus 900 basis points for a term of three years with two one-year extension options.

The 196-roomn hotel is owned by Hotel Equity Fund V, an affiliate of Maritz, Wolff & Co., and managed by Four Seasons. It opened in 1991 and has 196 rooms. Resort amenities include 8,800 sf of meeting space, three food and beverage facilities, a Robert Trent Jones II 18-hole golf course, 10 tennis courts and a new 12,000-sf full-service spaand health club.

The loan was acquired by Ashford from Calyon New York Branch, the originator of the $126.7-million first mortgage loan. Based on the property's trailing 12-month net cash flow, the debt service coverage ratio is about 1.11x. Ashford's investment in the capital structure is approximately 65% to 76% loan to value.