Item 8.01 Other Events.

In March 2019, Ashford Hospitality Trust, Inc. (the "Company") refinanced its $178.1 million mortgage loan secured by the Renaissance Nashville and Westin Princeton for a new mortgage loan that totaled $240.0 million. The loan has a two-year initial term that matures in March 2021, and five one-year extension options, subject to the satisfaction of certain conditions. Additionally, the interest rate of the loan is LIBOR + 2.75% and the loan requires monthly payments of interest only.

On April 9, 2020, the Company failed to make the interest payment due on the loan. On August 5, 2020, the Company entered into a forbearance agreement with its lender, effective April 1, 2020 (the "Forbearance Agreement"). Pursuant to the Forbearance Agreement, its lender consented to: (i) the deferral of interest payments for a period of six months beginning April 9, 2020 through September 30, 2020, with interest payments resuming on October 9, 2020; (ii) repayment of all deferred interest on a 1/12th monthly basis starting January 9, 2021; and (iii) the utilization of FF&E reserve funds (from the furniture, fixtures and equipment reserve account generally reserved to finance capital improvements to the property) for the payment of operating expenses at the hotels. The Renaissance Nashville FF&E reserve is subject to replenishment on a 1/24th monthly basis starting January 2021 and the Westin Princeton FF&E reserve is subject to replenishment on a 1/12th monthly basis starting January 9, 2021.

Lismore Capital II LLC ("Lismore"), a subsidiary of Ashford Inc., was paid a $600,000 fee in connection with this forbearance, which was due to Lismore under the Amended and Restated Ashford Trust Agreement, effective as of April 6, 2020, between Lismore and the Company.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses