Ashford Hospitality Trust, Inc. announced that it has completed the acquisition of the 310-room Embassy Suites by Hilton New York Midtown Manhattan (the "Property") for $195 million ($629,000 per key). In connection with this transaction, the Company entered into a $145 million non-recourse mortgage loan at closing. The loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and bears interest at a rate of LIBOR + 3.90%. As part of this transaction, the Company received an ERFP commitment of an estimated $19.5 million from Ashford Inc. Based upon announced or recently closed transactions, including the Property, Ashford Trust has achieved approximately 80% committed utilization of the pledged $50 million of ERFP funding from Ashford Inc. This newly-constructed, 41-story hotel is ideally located in Midtown Manhattan near Bryant Park and Times Square on 37th Street between 5th and 6th Avenues and benefits from an excellent location in the vibrant Manhattan market. Both the Times Square and Bryant Park areas continue to grow as commercial and entertainment zones, and there are several significant new projects that are expected to fuel more demand growth in Midtown. Additionally, the Property is located within minutes of the key transportation hubs of Penn Station, Grand Central Terminal, and the Port Authority Bus Terminal. Furthermore, the Property has an enhanced market position in Manhattan as it is the only Embassy Suites by Hilton, a brand that over the last two years has achieved an average overall RevPAR Penetration Index of 122%. With its strong brand affiliation, superb location, and exceptional amenities, this new Property is well-positioned to accelerate performance and gain market share in this high-growth corridor.