DALLAS, Sept. 15 /PRNewswire-FirstCall/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) today announced it has priced
an underwritten offering of 3,300,000 shares of its 8.45% Series D
Cumulative Preferred Stock at $23.178
per share. The annual dividend for the preferred stock is
$2.1125 per share, payable quarterly.
The offering is expected to close on or about September 22,
2010.
Ashford expects to use the net proceeds of the offering to repay
a portion of its outstanding borrowings under its existing senior
credit facility, although it may use some of the net proceeds to
redeem a portion of its Series B-1 Preferred Stock, or for other
general corporate purposes.
UBS Investment Bank and Citi served as joint book-running
managers for the offering, and Barclays Capital, Deutsche Bank
Securities Inc. and FBR Capital Markets served as co-managers.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any preferred stock nor shall there
be any sale of such 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 prospectus related to the offering
may be obtained from UBS Securities LLC, Attention: Prospectus
Department, 299 Park Avenue, New York,
NY 10171, or by calling 1-877-827-6444 (ext. 561-3884), or
Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, New York 11220, or by
calling (800) 831-9146.
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, second mortgages, mezzanine
loans and sale-leaseback transactions. Additional information
can be found on the Company's website at www.ahtreit.com.
SOURCE Ashford Hospitality Trust, Inc.
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