Ashford Hospitality Trust Announces Pricing of $30 Million of 9.00% Series E Preferred Stock

Oct 12, 2011, 09:59 ET from Ashford Hospitality Trust, Inc.

DALLAS, Oct. 12, 2011 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it priced an underwritten public offering of 1,280,000 shares of its existing 9.00% Series E Cumulative Preferred Stock. Ashford granted the underwriters a 30-day option to purchase up to an additional 192,000 shares to cover over-allotments, if any. The offering is expected to close on October 17, 2011, subject to customary closing conditions.

The shares were priced at $23.47 per share including accrued dividends equating to a yield of 9.59%. Ashford intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future hotel-related investments, capital expenditures and working capital. Net proceeds may also be used for repurchasing shares of common stock under Ashford's repurchase program.  

Stifel, Nicolaus & Company, Incorporated and Robert W. Baird & Co. Incorporated acted as the joint book-running managers for the offering.

This offering is being made pursuant to an effective registration statement filed 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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

Copies of the final prospectus supplement (when available) and the related base prospectus may be obtained from (a) Stifel, Nicolaus & Company, Incorporated, One South Street, 15th Floor, Baltimore, MD 21202, Attention: Syndicate Department, (b) Robert W. Baird & Co. Incorporated, Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI  53202, or (c) the Internet site of the Securities and Exchange Commission at

About Ashford Hospitality Trust

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.

Forward-Looking Statements

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.  

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.