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NEVIS, WEST INDIES-Ashford Hospitality Trust of Dallas, TX, has acquired an $18.2-million junior first mortgage loan participation on the 345-acre Four Seasons resort here. The loan bears interest at LIBOR plus 900 basis points for a term of three years with two one-year extension options.

The 196-roomn hotel is owned by Hotel Equity Fund V, an affiliate of Maritz, Wolff & Co., and managed by Four Seasons. It opened in 1991 and has 196 rooms. Resort amenities include 8,800 sf of meeting space, three food and beverage facilities, a Robert Trent Jones II 18-hole golf course, 10 tennis courts and a new 12,000-sf full-service spaand health club.

The loan was acquired by Ashford from Calyon New York Branch, the originator of the $126.7-million first mortgage loan. Based on the property’s trailing 12-month net cash flow, the debt service coverage ratio is about 1.11x. Ashford’s investment in the capital structure is approximately 65% to 76% loan to value.

Ashford’s hotel investment and lending has heretofore focused exclusively on domestic markets. Ashford CEO Monty Bennett says that is only because it was looking for the right sponsorship and brand to go international.

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