The Trust owns the land under the Le Meridien Fort Worth, a 188-room full-service hotel in downtown Fort Worth, Texas, as landlord under a 99-year absolute net ground lease running to 2120 with 2% annual rent increases. The ground tenant, a single-purpose LLC controlled by Ashford Hospitality Trust and Blueprint Hospitality, owns the hotel; the Trust holds the reversion. Rent is matched to debt service on a long-term, fully amortizing loan, so investors receive no distributions during the hold. Returns come from loan paydown and any gain on a sale, targeted in about 15 years. The offering is built for 1031 exchangers who need to replace relinquished debt.