Ashford Hospitality Trust Prices $200 Million Preferred Stock Offering
July 11 2007 - 5:43PM
Business Wire
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has
priced 8,000,000 shares of 8.45% Series D Cumulative Preferred
Stock at $25.00 per share. The annual distribution for the
preferred stock is $2.1125 per share, payable quarterly. Ashford
expects to use the net proceeds of the offering to redeem the
Company�s Series C Preferred Stock. The offering is expected to
close on or about July 18, 2007. Merrill Lynch & Co., Morgan
Stanley and Wachovia Securities acted as joint book-running
managers for the offering, and Raymond James, RBC Capital Markets,
Davenport & Company LLC, Friedman, Billings, Ramsey, KeyBanc
Capital Markets, Oppenheimer & Co. and Stifel Nicolaus acted as
co-managers. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any preferred stock nor
shall there be any sale of such 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 prospectus related to the
offering may be obtained from Merrill Lynch & Co., 250 Vesey
Street, New York, NY 10080 or by calling 866-500-5408; Morgan
Stanley & Co. Incorporated, 180 Varick Street, New York, NY
10014, Attn: Prospectus Department or by calling 866-718-1649; or
Wachovia Securities, Attn: Syndicate Operations, Mail Code: NC0675,
1525 W. WT Harris Blvd., Charlotte, NC 28262 or by calling
866-289-1262. 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.
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