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

Media Contact:

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

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in January 2022...

Mobile Technology: Next Level Innovation


Despite the recent adversity that has challenged the entire lodging industry in every facet of its operation, the relentless march of digital innovation continues unabated. Part of this is driven by the need to outperform the competition so hoteliers can promote their operations to digitally-savvy Millennial travelers, and part of it is driven by the desire to continuously find new ways to enhance the guest experience. In that regard, hotel apps that provide mobile check-in/out, room access, room service, and the capacity to control in-room lights, curtains, temperature, and television programming from a guest's personal device is fast becoming standard. Soon, new features such as voice control, facial recognition, smart rooms, and the use of A.I. for things like virtual hotel tours may be on the horizon. The January Hotel Business Review will report on how some hotels are integrating new mobile technologies into their operations to offer their guests an impressive, next level experience.