RobertDouglas Advises Ashford Hospitality Trust on the $86-Million Refinancing of Crystal Gateway Marriott in Arlington, Virginia

USA, New York City, New York. November 03, 2021

RobertDouglas advised Ashford Hospitality Trust (NYSE: AHT) in successfully refinancing its existing CMBS loan for the 701-room Marriott Gateway Crystal City in Arlington, VA with a best-in-class institutional balance sheet lender.

The new, non-recourse senior mortgage totals $86-million and has a three-year initial term with two, one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 4.65% with a 0.10% LIBOR floor. The initial funding for the loan will be $84.0 million, with the additional $2.0 million available to fund debt service for the first 30 months of the loan, if needed.

Located across the street from Amazon's new HQ2, the Crystal Gateway Marriott will continue to lead the Crystal City market. The Property's highly desirable location is also within minutes of downtown Washington, D.C. and less than a mile from Ronald Reagan Washington National Airport. The 2018 announcement of the new Amazon Headquarters fueled additional development projects in the expanding D.C. submarket including the National Landing redevelopment and Virginia Tech's new Innovation Campus.

Stephen O'Connor, Principal and Managing Director commented "The submarket's major demand driver growth attracted strong interest from institutional lenders to the Crystal Gateway Marriott financing. We are encouraged by the substantial interest from capital providers seeking to invest in the hospitality sector signaling that activity is expected to increase into the first half of 2022."


Marriott Gateway Crystal City - Arlington, Virginia
/ SLIDES

About RobertDouglas

Business Contact:

Paul Kesman
Principal
PDK PR
T: +1 248-321-2035
E: [email protected]
W: http://www.robert-douglas.com

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Coming up in November 2022...

Architecture & Design: Welcome Home


Hotels are still very concerned about adhering to all required sanitation protocols but as the crisis wanes, they are also being relied upon to provide a space to escape and retreat in comfort. To satisfy this need, many new design trends are emerging. One such trend seeks to cultivate an environment that is comparable to the warmth and coziness  a traveler might have in their home. Lobbies are being reconfigured to resemble a family living room. For example, one leading hotel chain provides an off-lobby common area where four separate video game stations and two video games tables are furnished - all free of charge to play. Another trend is to replace traditional business centers with co-working spaces  where the lines between working and social interaction are often blurred. Finally, recognizing the impact of social media, hotels are designing specific areas to facilitate picture perfect moments (think Instagram). These are just some of the architecture and design subjects that will be covered in the November issue of the Hotel Business Review.