DALLAS, July 6, 2016 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") announced today that it has priced its underwritten
public offering of 4,800,000 shares of 7.375% Series F Cumulative
Preferred Stock (the "Preferred Stock") at $25.00 per share. Dividends on the
Preferred Stock will accrue at a rate of 7.375% per annum on the
liquidation preference of $25.00 per
share. Settlement of the offering is expected to occur on or
about July 13, 2016.
Ashford Trust intends to use the net proceeds of this Preferred
Stock offering to redeem shares of its 9.000% Series E Cumulative
Preferred Stock. To the extent that proceeds from the offering are
greater than the amount necessary to redeem the 9.000% Series E
Cumulative Preferred Stock, Ashford Trust will use the excess for
general corporate purposes.
Morgan Stanley and UBS Investment Bank acted as joint
book-running managers for the offering. Baird, Canaccord Genuity, Credit Agricole CIB,
Credit Suisse, Deutsche Bank Securities, FBR, Janney Montgomery Scott, JMP Securities, and
KeyBanc Capital Markets acted as co-managers for the offering.
The Preferred Stock will be issued and sold pursuant to an
effective shelf registration statement (including a prospectus) on
Form S-3 previously filed with the Securities and Exchange
Commission and a prospectus supplement. Copies of the prospectus
supplement and accompanying prospectus for the offering may be
obtained on the website of the Securities and Exchange at
www.sec.gov, or by contacting: Morgan Stanley & Co. LLC, 180
Varick Street, Second Floor, New York, New York 10014,
Attention: Prospectus Department (telephone: 1-866-718-1640 or
email:prospectus@morganstanley.com), or UBS Securities LLC, Attn:
Prospectus Dept., 1285 Avenue of the Americas, New York, NY 10019 (telephone:
1-888-827-7275).
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Preferred Stock, nor shall
there be any offer or sale of the Preferred Stock in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful. The Preferred Stock may be offered only by means of the
prospectus supplement and accompanying prospectus.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
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 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; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford Trust'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.
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SOURCE Ashford Hospitality Trust, Inc.