Ashford Hospitality Trust Commences Follow-On Offering of 5 Million Shares of Common Stock
March 30 2005 - 5:18PM
PR Newswire (US)
Ashford Hospitality Trust Commences Follow-On Offering of 5 Million
Shares of Common Stock DALLAS, March 30 /PRNewswire-FirstCall/ --
Ashford Hospitality Trust, Inc. (NYSE:AHT) today announced it has
commenced a follow-on public offering of 5,000,000 shares of common
stock. Wachovia Securities and Friedman Billings Ramsey are the
book-running managers of the offering. A.G. Edwards, Legg Mason
Wood Walker, Incorporated, and Stifel, Nicolaus & Company,
Incorporated are co-managers. The underwriters will have a 30-day
option to purchase an additional 750,000 shares of common stock
from the Company to cover over- allotments. The offering proceeds
to the Company will be used for general corporate purposes, which
may include the acquisition of additional hotel investments. In the
ordinary course of the Company's business, the Company continually
evaluates hotel investments and is in various stages of due
diligence as part of its evaluations. The Company is currently
party to non-binding letters of intent or conditional commitments
in respect of hotel investments in an aggregate amount of
approximately $500 million. Consummation of any potential
transaction is necessarily subject to significant outstanding
conditions, including satisfactory completion of due diligence or,
in the case of letters of intent, the negotiation of definitive
agreements. As a result, there are no assurances that any such
transaction will be completed, or, if completed, what the terms or
timing of the transaction will be. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of such common stock in any state in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. A copy of the prospectus supplement and base prospectus
related to the offering, when available, may be obtained from
Wachovia Securities, Attn: Prospectus Department, 7 St. Paul
Street, 1st Floor, Baltimore, MD 21202, 443- 263-6410, 443-263-6894
fax. 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/ .
Contact: Douglas Kessler COO and Head of Acquisitions (972)
490-9600 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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