Ashford Hospitality Trust is tapping the securitization market to refinance a hotel portfolio.

The transaction, dubbed JPMCC 2016-ASH is backed by a $415 million first mortgage on 18 hotels located in seven states with a total of 3,540 rooms. The real estate investment trust acquired the properties in 2007 as part of a larger acquisition from CNL Financial Group for a total of $520.6 million; the sponsor’s total basis, including capital expenditures is $620 million.

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