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shford Hospitality Trust has secured a $580 million loan to refinance 16 hotels in Florida and California, including the Beverly Hills Marriott. The 12-story, 260-room hotel is valued at $214 million. Bank of America and Sculptor Capital Management provided the refinancing package.

    The nonrecourse financing has a two-year term with three one-year extension options and a floating interest rate of SOFR plus 4.37 percent. The previous four loans secured by the lodging had a combined outstanding loan balance of $439 million, which was set to mature in the first half of this year.

    Ashford Hospitality used some of the excess proceeds from the new debt to pay off its strategic financing and exit fee, totaling around $72 million. Remaining funds were allocated for transaction costs and reserves for future capital expenditures.

    The newly refinanced properties have the highest valuation in Ashford's portfolio, with the Hyatt Regency Coral Gables in Florida valued at $168 million. The company owns 68 hotels across 21 states and has a history of navigating financial challenges, including a proxy battle last year that threatened to remove CEO Monty Bennett from the board.