The first commercial mortgage securitization of the year is being used to refinance five hotels owned by Ashford Hospitality Prime, a publicly traded real estate investment trust, and managed by Marriott International.

The $365 million loan was originated by Morgan Stanley.  It pays only interest, and no principal, for an initial term of two years and can be extended by 12 months up to five times, for a total possible term of seven years.  

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