AHT Ashford Hospitality Trust Inc

Ashford Hospitality Trust Prices Follow-On Offering of 9.0 Million Shares of Common Stock DALLAS, Jan. 14 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE:AHT) today announced it has priced a follow-on public offering of 9,000,000 shares of common stock at $9.62 per share, resulting in net proceeds after expenses of approximately $82.0 million. The closing of the offering is scheduled for January 20, 2005. The underwriters have been granted a 30-day option to purchase an additional 1,350,000 shares of common stock from the Company to cover over-allotments. Wachovia Securities and Friedman Billings Ramsey acted as 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 acted as co-managers. The net 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/. Contact: Douglas Kessler COO and Head of Acquisitions (972) 490-9600 or 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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