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Dallas hotel operator Ashford Hospitality gets $200 million lifeline to 'navigate the pandemic'

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. ....

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Ashford Hospitality Faces Insolvency Without New Loans

Ashford Hospitality Trust is running on fumes, the real estate investment trust disclosed Monday.
The Dallas-based owner of upscale lodging assets, one of the nation’s largest REITs specializing in hotels, said it might be forced to seek bankruptcy protection early next year unless it gets new financing.
Ashford is seeking approximately $200 million initially and is prepared to hand over 20 percent of company equity to secure the debt, according to paperwork it filed with the Securities and Exchange Commission. The company said it was “engaged in a process regarding a potential financing” but did not specify what entity might issue it. ....

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