DALLAS, Aug. 16, 2017 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company")
announced today that it intends to redeem all of its issued and
outstanding shares of 8.55% Series A Cumulative Preferred Stock
(CUSIP No. 044103208) (the "Series A Preferred Stock") and
1,564,353 shares of its 8.45% Series D Cumulative Preferred Stock
(CUSIP No. 044103406) (the "Redeemed Series D Preferred Stock" and,
together with the Series A Preferred Stock, the "Redeemed Stock").
All shares of Redeemed Stock will be redeemed in accordance with
the applicable procedures of the Depository Trust Company.
The shares of Series D Preferred Stock will be redeemed pro rata
from the holders of record of such shares in proportion to the
number of such shares held by such holders. The redemption of
the Redeemed Stock is conditioned upon the closing by the Company
of its previously announced offering of Series H Cumulative
Preferred Stock.
The redemption date will be September
18, 2017. The shares of Series A Preferred Stock will
be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid
dividends from July 1, 2017 through
the redemption date, in an amount equal to $0.463125 per share, for a total redemption price
of $25.463125 per share. The
shares of Series D Preferred Stock will be redeemed at a redemption
price of $25.00 per share, plus
accrued and unpaid dividends from July 1,
2017 through the redemption date, in an amount equal to
$0.457709 per share, for a total
redemption price of $25.457709 per
share. The redemption price for the Redeemed Stock will be
payable in cash, without interest, as soon as practicable after the
redemption date. Dividends on shares of Redeemed Stock will
cease to accrue on the day prior to the redemption date, such
shares shall no longer be deemed outstanding and all rights of the
holders in respect of such shares will terminate, except for the
right to receive the redemption price, without interest thereon.
Because the redemption of the Series A Preferred Stock is a
redemption in full, trading of the Series A Preferred Stock on the
NYSE will cease after the redemption date.
As specified in the notice of redemption, payment of the
applicable redemption price will result from the Redeemed Stock
being debited from such holder's book-entry account with the
Company's transfer agent and pursuant to applicable procedures of
the Depository Trust Company on or after the redemption date. The
Company's transfer agent is Computershare Trust Company, N.A.,
attention: Corporate Actions, at 250 Royall Street, Canton, MA 02021. Questions regarding the
redemption of the Redeemed Stock, or the procedures therefore, may
be directed to Computershare Trust Company, N.A. at
800.546.5141.
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. Forward looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. 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 securities; 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.