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Ashford Buys Junior Hotel Note

NEVIS, WEST INDIES-The Dallas-based hotel REIT acquires a three-year junior first mortgage loan participation on the 14-year-old resort property.

By Brian K. Miller | Updated on December 20, 2005

(To read more on the debt and equity markets, click here.)

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.

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