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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On July 1, 2019, in connection with the initial $10.3 million ERFP obligation from Ashford LLC associated with the acquisition of the Ritz-Carlton, Lake Tahoe, the Company sold the remaining $8.9 million of hotel FF&E at a Braemar hotel property to Ashford LLC which was subsequently leased back to the Company rent free. Ashford LLC has also remitted payment of $8.9 million to the Company.
On August 5, 2019, the Company refinanced its mortgage loan with an outstanding balance of $42.0 million with a new $42.5 million mortgage loan that is interest only, bears interest at a rate of LIBOR + 4.95% and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Ritz-Carlton St. Thomas.