Ashford Hospitality Trust Announces Exercise of Over-Allotment Option
January 14 2011 - 4:01PM
Business Wire
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that
the underwriter has exercised its option to purchase 300,000 shares
of the Company’s common stock at $9.65 per share pursuant to
Ashford’s December 2010 public offering. In total, the Company sold
7,800,000 shares of common stock at $9.65 per share.
The net proceeds were used to repay a portion of the Company’s
outstanding borrowings under its senior credit facility, and it
intends to use a portion of the net proceeds for general corporate
purposes, including, without limitation, financing future
hotel-related investments, capital expenditures and working capital
or repayment of other debt or maturing obligations as they become
due.
Deutsche Bank Securities Inc. acted as the sole book-running
manager for the offering.
A registration statement relating to the shares is effective
with the Securities and Exchange Commission. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy the offered shares or any other securities, nor will
there be any sale of such shares or any other securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or other jurisdiction.
Copies of the final prospectus supplement (when available) and
the related base prospectus may be obtained from (a) Deutsche Bank
Securities Inc. at 100 Plaza One, Jersey City, NJ 07311, Attention:
Prospectus Department or by calling (800) 503-4611 or by e-mail to
prospectus.cpdg@db.com or (b) the Internet site of the Securities
and Exchange Commission at www.sec.gov.
About Ashford Hospitality Trust
Ashford 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.
Forward-Looking Statements
Certain statements and assumptions contained herein 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 proposed offering and its size
and the use of proceeds from the offering. 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 its common stock; changes in its business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in its industry and
the market in which it operates, interest rates or the general
economy; and the degree and nature of its 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 herein are only made as
of the date of this press release. Investors should not place undue
reliance on these forward-looking statements. Ashford is 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.
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