Ashford Hospitality Trust Inc. refinanced its sole remaining 2013 debt maturity, which was set to mature in August. The prior $142 million loan has been refinanced with a new $200 million loan that matures in February of 2018. The new loan provides for a floating interest rate of LIBOR + 3.50 percent, with no LIBOR floor.

The new loan continues to be secured by the Capital Hilton in Washington, D.C., and the Hilton La Jolla Torrey Pines in La Jolla, Calif. Ashford has a 75 percent ownership interest in the properties, with Hilton holding the remaining 25 percent.

The excess loan proceeds above typical closing costs and reserves were distributed to the partners on a pro rata basis. Ashford's share of the excess loan proceeds was approximately $40 million, which will be added to the company's unrestricted cash balance. As a result, this refinancing was neutral to the company on a net debt basis.

"We are very pleased to announce this successful refinancing of our only remaining debt maturity in 2013, which is consistent with our practice of proactively managing our debt maturity schedule" Ashford Chairman and CEO Monty J. Bennett said in a statement. "Through this refinancing, we were able to take out significant cash proceeds, strengthen our liquidity position while continuing to further extend our debt maturities. We continue to actively seek opportunities to maximize shareholder value."