Ashford Hospitality Trust Prices Offering of 7.0 Million Shares of Common Stock
June 29 2011 - 9:22AM
Business Wire
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that
it has priced its underwritten public offering of 7.0 million
shares of its common stock at $12.50 per share. Ashford granted the
underwriters a 30-day option to purchase up to an additional
1,050,000 shares to cover over-allotments, if any. Settlement of
the offering is expected to occur on July 5, 2011.
Ashford intends to use the net proceeds to repay its outstanding
borrowings under its senior credit facility, for general corporate
purposes, including, without limitation, financing future
hotel-related investments, capital expenditures and working capital
or repayment of other debt or obligations. Morgan Stanley & Co.
LLC, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets
Inc. and UBS Securities LLC acted as the joint book-running
managers 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) Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
New York, NY 10014, by e-mail at prospectus@morganstanley.com or by
calling 1-866-718-1649, (b) Credit Suisse Securities (USA) LLC,
Attention: Prospectus Department, One Madison Avenue, New York, NY
10010, or by calling 1-800-221-1037, (c) KeyBanc Capital Markets
Inc., Attention: Equity Syndicate Department, 127 Public Square,
4th Floor, Cleveland, OH 44114, or by calling 1-800-859-1783, (d)
UBS Securities LLC, Attention: Prospectus Department, 299 Park
Avenue, New York, NY 10171, or by calling 1-877-827-6444 (ext.
561-3884), or (e) 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.
Forward-Looking Statements
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 timing for closing,
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.
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