Ashford Hospitality Trust Commences Follow-On Offering of 7.5 Million Shares of Common Stock
January 10 2005 - 4:31PM
PR Newswire (US)
Ashford Hospitality Trust Commences Follow-On Offering of 7.5
Million Shares of Common Stock DALLAS, Jan. 10
/PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc.
(NYSE:AHT) today announced it has commenced a follow-on public
offering of 7,500,000 shares of common stock. Wachovia Securities
and Friedman Billings Ramsey are the joint book-running managers of
the offering and A.G. Edwards, Legg Mason Wood Walker,
Incorporated, Calyon Securities (USA) Inc., JMP Securities, and
Stifel, Nicolaus & Company, Incorporated are co-managers. The
underwriters will have a 30-day option to purchase an additional
1,125,000 shares of common stock from the Company to cover
over-allotments. The offering proceeds to the Company will be used
principally to pay the cash portion of the purchase price and
certain expenses related to the acquisition of the 21 hotel
portfolio the Company currently has under contract, for the
repayment of certain mortgage indebtedness, and for general
corporate purposes which may include the acquisition of additional
hotel investments. 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/ . 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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