with all the financing experience these guys have had over the past few years, i doubt they paid an over market rate. my guess is L+6.50% is the market price for a loan on a portfolio of properties with average performance. imagine the advance rate is 70% - 80% of value. i didn't see any mention of the advance rate so just guessing.
may see lower rates out there but that may be when the company pledges all their properties as collateral for a large line of credit. these smaller pools of properties can just be handed back in tough times (as noted by others). but when the company pledges all their properties to one big financing and things go bad, it can cause some real headaches for the owner of the hotels.
i'd say AHT is better off using multiple smaller financings rather than bundling up everything to get a lower rate. gives them a better poker hand if things start to go sour.