"We passed the test," David Kimichik, CFO for the Dallas-based Ashford, tells GlobeSt.com. The key to shoring up the plan was marking the one-year milestone.Brinson Patrick Securities Corp. of New York City was selected as sales manager. Kimichik says Ashford hasn't worked up a schedule for any stock sale. "All we've done is prepare ourselves to the extent that if we want to sell additional securities then we can do so," he explains.
The one-year-old Ashford now owns 23 hotels with 3,469 rooms in 12 states. It has acquired or originated mezzanine loans totaling $71.6 million.
Ashford is scheduled to close a $210-million term loan, announced in early August as a means to refuel the acquisition program. The vehicle, arranged through Merrill Lynch Mortgage Lending Inc., is secured by 25 hotels. The interest-only financing has three one-year extension options. The capital will be used to pay off $56 million in two mortgages, lower a credit facility by $57 million, apply $10 million to another mortgage and put the balance toward the announced acquisition of a portfolio owned by Dunn Hospitality Group of Evansville, IN.
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