Ashford Hospitality Trust Increases Secured Revolving Credit Facility to $100 Million
August 25 2005 - 5:00PM
PR Newswire (US)
DALLAS, Aug. 25 /PRNewswire-FirstCall/ -- Ashford Hospitality
Trust, Inc. (NYSE:AHT) today announced it has modified its secured
revolving credit facility. The facility has been increased to $100
million; the maturity date extended to August 2008 with two
one-year extension options; and the interest rate reduced to a
range of 160 to 195 basis points over LIBOR. Subject to certain
conditions, the credit facility can be increased to $150 million.
The credit facility is led by Calyon New York Branch, as
Administrative Agent and Sole Lead Arranger and Book Manager,
Merrill Lynch Capital, a division of Merrill Lynch Business
Financial Services, Inc., as Syndication Agent, and Wachovia Bank,
National Association, as lender. "The modification of our existing
credit facility provides us with additional financial flexibility
on improved terms," said Monty J. Bennett, President and CEO of
Ashford Hospitality Trust. "Together with additional refinancings
we are pursuing, the new credit facility continues to enhance our
capital structure by extending our debt maturities, reducing our
borrowing costs and generating additional proceeds to allocate to
our investment strategy." 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 impact of the financing 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 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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