Ashford Hospitality Trust Upsizes and Closes Follow-On Offering of 10.35 Million Shares of Common Stock
January 20 2005 - 4:00PM
PR Newswire (US)
Ashford Hospitality Trust Upsizes and Closes Follow-On Offering of
10.35 Million Shares of Common Stock DALLAS, Jan. 20
/PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc.
(NYSE:AHT) today announced it has closed on the follow-on public
offering of a total of 10,350,000 shares of common stock at $9.62
per share, resulting in net proceeds after expenses of
approximately $94.3 million. The 10,350,000 shares consist of
9,000,000 firm shares as well as 1,350,000 shares sold pursuant to
the exercise in full by the underwriters of their over-allotment
option. Wachovia Securities and Friedman Billings Ramsey acted as
the joint book- running managers of the offering and A.G. Edwards,
Legg Mason Wood Walker, Incorporated, Calyon Securities (USA) Inc.,
JMP Securities, and Stifel, Nicolaus & Company, Incorporated
acted as co-managers. Monty J. Bennett, President and Chief
Executive Officer of Ashford, commented, "We are very pleased with
the execution of this offering and, with the upsizing of the firm
shares from 7.5 million to 9.0 million shares. While we expect
these proceeds to be used for the acquisition of the 21-hotel
portfolio we currently have under contract and repayment of certain
indebtedness, we also intend to deploy the proceeds in additional
hotel investments." Ashford Hospitality Trust is a
self-administered real estate investment trust focused on investing
in the hospitality industry across all segments and at all levels
of the capital structure, including direct hotel investments, first
mortgages, mezzanine loans and sale-leaseback transactions.
Additional information can be found on the Company's web site at
http://www.ahtreit.com/. Certain statements and assumptions in this
press release contain or are based upon "forward-looking"
information and are being made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result," "may,"
"anticipate," "estimate," "should," "expect," "believe," "intend,"
or similar expressions, we intend to identify forward-looking
statements. Such forward-looking statements include, but are not
limited to, the expectation that the 21-hotel portfolio will close,
the impact of the transaction on our business and future financial
condition, our business and investment strategy, our understanding
of our competition and current market trends and opportunities and
projected capital expenditures. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford's control. These forward-looking statements are subject to
known and unknown risks and uncertainties, which could cause actual
results to differ materially from those anticipated, including,
without limitation: general volatility of the capital markets and
the market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; and the degree and nature of our competition. These and
other risk factors are more fully discussed in Ashford's filings
with the Securities and Exchange Commission. The forward-looking
statements included in this press release are only made as of the
date of this press release. Investors should not place undue
reliance on these forward-looking statements. We are not obligated
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
circumstances, changes in expectations or otherwise. Contact:
Douglas Kessler COO and Head of Acquisitions (972) 490-9600 or
Tripp Sullivan Corporate Communications, Inc. (615) 254-3376
DATASOURCE: Ashford Hospitality Trust, Inc. CONTACT: Douglas
Kessler, COO and Head of Acquisitions of Ashford Hospitality Trust,
Inc., +1-972-490-9600; or Tripp Sullivan of Corporate
Communications, Inc., +1-615-254-3376 Web site:
http://www.ahtreit.com/
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