Die Another Day: Ashford Gets $350M to Survive Pandemic
Real Estate partner and co-chair of Herrick's Real Estate Hospitality group, Yariv Ben-Ari, was quoted in The Real Deal discussing a $350 million loan made to Ashford Hospitality Trust at the end of 2020.
The article states, "With a national vaccination effort underway, Oaktree Capital Management agreed to supply Ashford, owner of more than 22,500 hotel rooms, an initial $200 million and up to $150 million more, according to a disclosure statement filed with the Securities and Exchange Commission."
Yariv, who did not advise on this deal, commented on the nature of transaction, saying, "That amount of interest is consistent with the amount of risk associated with hospitality right now... The credit facility will be used to ramp up funds over the next three years, which is the right window for hotel recovery following the pandemic."