DALLAS, Nov. 8, 2017 /PRNewswire/ -- Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company")
announced today that it has priced its underwritten public offering
of 5,400,000 shares of 7.50% Series I Cumulative Preferred Stock
(the "Preferred Stock") at $25.00 per
share. Dividends on the Preferred Stock will accrue at a rate of
7.50% per annum on the liquidation preference of $25.00 per share. Settlement of the offering is
expected to occur on or about November 17,
2017. The underwriters have been granted an option to
purchase an additional 810,000 shares as part of this
offering.
Ashford Trust intends to use the net proceeds of this Preferred
Stock offering for general corporate purposes, which may include
but are not limited to: the redemption, in whole or in part, of its
8.45% Series D Cumulative Preferred Stock; the acquisition of
additional properties or hospitality-related investments, as
suitable opportunities arise; capital expenditures; and/or the
repayment of outstanding indebtedness.
Morgan Stanley and UBS Investment Bank acted as joint
book-running managers for the offering. D.A. Davidson & Co., Janney Montgomery Scott, B. Riley FBR,
Baird, Deutsche Bank Securities,
and William Blair 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 Commission
at www.sec.gov, or by contacting: Morgan Stanley & Co.
LLC, 180 Varick Street, Second Floor, New
York, New York 10014, Attention: Prospectus Department, 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.