DALLAS, April 9, 2014 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today
announced that it has priced its follow-on public offering of
7,500,000 shares of common stock at $10.70 per share. The Company has granted
the underwriters a 30-day option to purchase up to an additional
1,125,000 shares of common stock. Settlement of the offering
is expected to occur on April 14,
2014.
Ashford Trust intends to use the net proceeds of the offering
for general corporate purposes, including, without limitation,
hotel-related investments, capital expenditures, working capital
and repayment of debt or other obligations.
BofA Merrill Lynch, Morgan Stanley, and Deutsche Bank Securities
acted as the joint book-running managers for the offering.
Baird, Credit Suisse, KeyBanc
Capital Markets, and Stifel acted as senior co-managers, and Cantor
Fitzgerald & Co., Craig-Hallum Capital Group, JMP Securities,
and MLV & Co. acted as co-managers.
A registration statement relating to the shares is effective
with the Securities and Exchange Commission. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy the offered shares or any other securities, nor
will there be any sale of such shares or any other securities in
any state or other jurisdiction which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction.
The offering is being made only by means of a prospectus
supplement and the related base prospectus, which have been filed
with the Securities and Exchange Commission. Copies of the
preliminary prospectus supplement, final prospectus supplement
(when available) and the related base prospectus may be obtained
from BofA Merrill Lynch by contacting 222 Broadway, New York, NY 10038, Attention: Prospectus
Department, or email: dg.prospectus_requests@baml.com, Morgan
Stanley by contacting 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus
Department, or on the internet site of the Securities and Exchange
Commission at www.sec.gov.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry across all segments and at all levels of the capital
structure primarily within in the United
States.
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, statements about the expected
closing of the offering and the use of proceeds from the
offering. Such statements are subject to numerous assumptions
and uncertainties, many of which are outside Ashford Trust'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; the degree and nature of our competition; and the
satisfaction of the condition to the completion of the proposed
spin-off of Ashford Inc. 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.
SOURCE Ashford Hospitality Trust, Inc.