As previously disclosed, on May 12, 2020, Ashford New York LP (the “Borrower”), a subsidiary of Ashford Hospitality Trust, Inc. (the “Company”), received an Acceleration Notice from Wells Fargo Bank, National Association, as Trustee for the benefit of the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-EMBSY, Commercial Mortgage Pass-Through Certificates, Series 2019-EMBSY (the “Noteholder”) relating to a loan made on January 22, 2019 to Borrower in the original principal amount of $108,750,000 (the “Loan”). The Loan, together with a senior mezzanine loan in the original principal amount of $26,250,000 and a junior mezzanine loan in the original principal amount of $10,000,000 (the “Mezzanine Loans”) are secured by direct and indirect liens against the Embassy Suites Midtown Manhattan hotel and are non-recourse to the Company. On August 21, 2020, the Company announced that the Embassy Suites Midtown Manhattan hotel was sold subject to the Loan and the proceeds of the sale were used to repay the Mezzanine Loans. As a result, the Company and its subsidiaries have been released from all obligations under the Loan and the Mezzanine Loans.
As previously disclosed, on July 17, 2020, the senior mezzanine lender on the 8-hotel portfolio, consisting of Courtyard Billerica, Hampton Inn Columbus Easton, Hampton Inn Phoenix Airport, Homewood Suites Pittsburgh Southpointe, Hampton Inn Pittsburgh Waterfront, Hampton Inn Pittsburgh Washington, Residence Inn Stillwater and Courtyard Wichita (the “Rockbridge Portfolio”) sent the Company a notice of UCC sale, which provided that the senior mezzanine lender would sell the subsidiaries of the Company that own the respective hotels in a public auction. On August 21, 2020, the Company announced that it had completed a consensual assignment of the entities that own the Rockbridge Portfolio in lieu of a UCC sale. As a result, the Company and its subsidiaries have been released from all obligations under any debt directly or indirectly secured by the Rockbridge Portfolio.