American Hotel Income completes credit facility refinancing, repayment

American Hotel Income Properties (AHOTF) announced the completion of a non-recourse debt refinancing and repayment in full of its Senior Credit Facility. The initial gross loan proceeds are $85M secured against eleven hotel properties, with additional advances of up to $41M available, comprised of $16.3M upon the addition of a further hotel property and up to $24.7M for renovations and improvements to these twelve hotel properties. AHIP used the net proceeds from the Portfolio Loan to fully repay the outstanding balance under the credit facility revolver and credit facility term loan governed by the Sixth Amendment and this facility is now terminated. The eleven hotel properties secured by the Portfolio Loan were previously secured under the Senior Credit Facility. The Portfolio Loan has an initial principal amount of $85M, a two-year term with the option to extend the term for another one-year period subject to the satisfaction of certain conditions, and bears interest at SOFR plus 4.65% per annum.