DALLAS, May 28, 2013 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) today announced that Archie Bennett, Jr., Ashford's Chairman
Emeritus, has been named an honoree of the Dallas Business
Journal's 2013 Outstanding Directors Awards for his many years of
service and leadership to the Company.
The award will be presented to Mr. Bennett at an awards dinner
which will be held at the Perot Museum of Nature and Science on
May 30, 2013. Mr. Bennett will
also be featured with all honorees in a special publication in the
May 31st issue of the Dallas Business
Journal.
Archie Bennett, Jr. served as
Chairman of Ashford since its formation in August 2003 until January
19, 2013, when he assumed the role of Chairman Emeritus
which allows him to provide his expertise and insights to the
Company on various initiatives and projects. Today, Ashford
has over $4 billion in assets and has
outperformed its peer average in total shareholder returns on a
trailing basis consistently over the past nine years.
Monty J. Bennett, Ashford's
Chairman and Chief Executive Officer, commented "I am pleased that
my father, Archie Bennett, Jr., has
received this recognition for his many contributions to Ashford's
success. His vast experience and industry acumen have been
instrumental to the Company's total shareholder return
outperformance versus our peers since our initial public offering
in August, 2003. On behalf of the Company and the Board of
Directors, I want to congratulate him on receiving this award and
thank him for his contributions and dedication to our continued
success."
The award program, in conjunction with the National Association
of Corporate Directors and sponsored by Ernst & Young, Bank of
America and Haynes and Boone, honors directors from Dallas-based nonprofits, public and private
companies.
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.
Additional information can be found on the Company's website at
www.ahtreit.com.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
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. EBITDA
is defined as net income before interest, taxes, depreciation and
amortization. EBITDA yield is defined as trailing twelve
month EBITDA divided by the purchase price. EBITDA multiple
is defined as the purchase price divided by the annual
EBITDA. A capitalization rate is determined by dividing the
property's annual net operating income by the purchase price.
Net operating income is the property's funds from operations minus
a capital expense reserve of either 4% or 5% of gross
revenues. Funds from operations ("FFO"), as defined by the
White Paper on FFO approved by the Board of Governors of the
National Association of Real Estate Investment Trusts ("NAREIT") in
April 2002, represents net income
(loss) computed in accordance with generally accepted accounting
principles ("GAAP"), excluding gains (or losses) from sales of
properties and extraordinary items as defined by GAAP, plus
depreciation and amortization of real estate assets, and net of
adjustments for the portion of these items related to
unconsolidated entities and joint ventures.
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.
SOURCE Ashford Hospitality Trust, Inc.