Ashford Hospitality Trust extended its Highland mortgage loan secured by 18 hotels, paying down $10 million to a current balance of $723.6 million.
Preferred dividends, including those for various preferred stock series, were suspended to preserve liquidity as strategic alternatives are evaluated.
The Company plans to pay previously declared but unpaid dividends as soon as reasonably practicable.
Highland Loan Extension
Loan secured by 18 hotels extended, current balance reduced by $10 million to $723.6 million.
Preferred Dividends Suspension
Dividends for Series D, F, G, H, I, J, K, L, and M preferred stock suspended to maintain liquidity.
Future Dividend Evaluation
Company to assess potential future dividends quarterly based on business conditions.
- The loan extension and dividend suspension indicate the Company's focus on securing financial flexibility and liquidity.
- Preserving cash by halting dividends reflects a strategic move to strengthen the Company's financial position during this evaluation period.
Ashford Hospitality Trust's actions to extend the loan and suspend dividends show a proactive approach to managing its financial resources in challenging times.