Dallas-based Ashford Hospitality Trust Inc. expects to return 19 hotels to lenders in cities including Las Vegas and Atlanta, declining to pour more cash into...
Ashford Trust worked out deals to extend debt on 15 other hotels in the portfolio by providing a total of $129 million in paydowns, according to the statement.
Through June, hotel values were down 3% from a recent peak compared with a 16% drop for all commercial property types and a 31% plunge for offices, according to Green Street. Hotels that will likely be returned include properties with brands such as Residence Inn, SpringHill Suites, and Marriott.
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