Ashford Hospitality Trust Improves Terms on Revolving Credit Facility
September 11 2006 - 9:00AM
PR Newswire (US)
DALLAS, Sept. 11 /PRNewswire-FirstCall/ -- Ashford Hospitality
Trust, Inc. (NYSE:AHT) today announced it has modified its secured
revolving credit facility. The facility's maximum revolver amount
has been increased to $150 million and the interest rate reduced to
a range of 160 to 185 basis points over LIBOR. The facility matures
in August 2008 with two one-year extension options. Subject to
certain conditions, the credit facility can be increased to $200
million. The credit facility is led by Calyon New York Branch, as
Administrative Agent and Sole Lead Arranger and Book Manager;
Merrill Lynch Capital, a division of Merrill Lynch Business
Financial Services, Inc., as Syndication Agent; and Wachovia Bank,
National Association, as Documentation Agent and lender. Monty J.
Bennett, President and CEO of Ashford Hospitality Trust, noted,
"The increase in the size of the credit facility and the more
favorable terms provide additional capital for our ongoing hotel
acquisition and renovation programs, while continuing to lower our
overall borrowing costs. Given the number of investment
opportunities available in the market, it is important for us to
complement our recent capital raise with a larger credit facility."
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/.
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 impact of the
financing 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. Contact:
Douglas Kessler Tripp Sullivan COO and Head of Acquisitions
Corporate Communications, Inc. (972) 490-9600 (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, for Ashford Hospitality
Trust, Inc. Web site: http://www.ahtreit.com/
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