CALABASAS, Calif., Dec. 8 /PRNewswire/ -- Countrywide Commercial Real Estate Finance announced the closing of a $247 million loan to Ashford Hospitality Trust, Inc. for the acquisition of seven full-service, upscale hotels in various locations across the nation.
Countrywide Commercial originated a floating rate loan with up to a 5-year term that provides future funds for the improvement of the properties. Totaling more than 2,000 rooms, the Ashford Hospitality Trust acquisition includes:
* Sheraton San Diego, San Diego, CA, 260 rooms * Embassy Suites, Walnut Creek, CA, 249 rooms * Hilton Minneapolis Airport, Minneapolis, MN, 300 rooms * Embassy Suites, Philadelphia, PA, 263 rooms * Sheraton Anchorage, Anchorage, AL, 375 rooms * Marriott Trumbell, Trumbell, CT, 323 rooms * Sheraton Iowa City, Iowa City, IA, 234 rooms
"Ashford is a first class hotel owner and we look forward to many more deals with them in the future," said Warren de Haan, Managing Director, Countrywide Commercial. "This transaction demonstrates that our bankers have an intimate knowledge of the hotel business, understand their operations, and can execute complex deals with certainty."
Kyle Jeffers, Senior Vice President with Countrywide Commercial, represented the company in this transaction.
For more information on Countrywide Commercial, please visit http://www.countrywidecommercial.com/.
About Countrywide Commercial Real Estate Finance, Inc.
Countrywide Commercial Real Estate Finance, Inc., a provider of fixed- and floating-rate financing for multi-family and commercial properties, is a unit of Countrywide Capital Markets, Inc. (CCM), a wholly-owned subsidiary of Countrywide Financial Corporation . Other CCM business units include Countrywide Securities Corporation, a registered broker-dealer specializing in underwriting, buying and selling mortgage-backed debt securities; Countrywide Servicing Exchange, an advisory and brokerage firm specializing in the transfer of bulk loan mortgage servicing rights portfolios between third parties; Countrywide Asset Management, a full-service company that acquires, services and manages distressed residential mortgage loan assets for rehabilitation and eventual sale; and CCM International, Ltd., and Countrywide Capital Markets Asia, Ltd., distributors of American securities in the UK and Japan, respectively.
© 2006 PR Newswire