DALLAS, Nov. 14, 2016 /PRNewswire/ -- Ashford Hospitality
Prime, Inc. (NYSE: AHP) ("Ashford
Prime" or the "Company") announced today that it has entered
into a new $100 million secured
credit facility which replaces the Company's previous credit
facility that was scheduled to mature this month. The new
credit facility provides for a three-year revolving line of credit
and bears interest at a range of 2.25% - 3.50% over LIBOR,
depending on the leverage level of the Company. There are
two, one-year extension options subject to the satisfaction of
certain conditions. The new credit facility includes the
opportunity to expand the borrowing capacity by up to $150 million to an aggregate size of $250 million. Since the Company had a zero
balance on the previous credit line, no cash was utilized to pay it
down upon termination. Merrill Lynch acted as the lead
arranger and Bank of America, N.A. as the sole administrative
agent. Other participating lenders include KeyBank, Morgan Stanley,
and Credit Agricole.
Ashford Hospitality Prime is a real estate investment trust
(REIT) focused on investing in luxury hotels located in resort and
gateway markets.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Prime's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford Prime's filings with the Securities and
Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ashford-prime-announces-new-100-million-revolving-credit-facility-300362431.html
SOURCE Ashford Hospitality Prime, Inc.