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Dallas hotel operator Ashford Hospitality gets $200 million lifeline to ‘navigate the pandemic’
The three-year loan comes from entities controlled by credit investor Oaktree Capital Management.
Ashford Hospitality Trust has 103 properties, including the W and the Ritz-Carlton in Atlanta.(Ashford Hospitality)
Dallas-based Ashford Hospitality Trust Inc., the firm founded by Monty Bennett that owns 103 high-end hotels, is getting a $200 million lifeline to “navigate the pandemic” while it awaits an anticipated vaccine-driven recovery in the travel industry.
The company announced Monday that it has a commitment for a three-year loan from Oaktree Capital Management, with an option to increase the amount up to $350 million. Los Angeles-based Oaktree is one of the largest credit investors in the world, with $140 billion in assets under management as of Sept. 30.