Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ASHFORD HOSPITALITY TRUST INC | d83219e8vk.htm |
Exhibit 99.1
|
NEWS RELEASE
|
Contact:
|
Douglas Kessler | Tripp Sullivan | ||
| President | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 324-7335 |
ASHFORD HOSPITALITY TRUST PRICES OFFERING OF 7.0 MILLION SHARES OF
COMMON STOCK
COMMON STOCK
DALLAS — (June 29, 2011) — Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it
has priced its underwritten public offering of 7.0 million shares of its common stock at $12.50 per
share. Ashford granted the underwriters a 30-day option to purchase up to an additional 1,050,000
shares to cover over-allotments, if any. Settlement of the offering is expected to occur on July 5,
2011.
Ashford intends to use the net proceeds to repay its outstanding borrowings under its senior credit
facility, for general corporate purposes, including, without limitation, financing future
hotel-related investments, capital expenditures and working capital or repayment of other debt or
obligations. Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets
Inc. and UBS Securities LLC acted as the joint book-running managers for the offering.
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 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) Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street,
New York, NY 10014, by e-mail at prospectus@morganstanley.com or by calling 1-866-718-1649, (b)
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York,
NY 10010, or by calling 1-800-221-1037, (c) KeyBanc Capital Markets Inc., Attention: Equity
Syndicate Department, 127 Public Square, 4th Floor, Cleveland, OH 44114, or by calling
1-800-859-1783, (d) UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New
York, NY 10171, or by calling 1-877-827-6444 (ext. 561-3884), or (e) the Internet site of the
Securities and Exchange Commission at www.sec.gov.
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AHT Prices Offering of Common Stock
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June 29, 2011
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June 29, 2011
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.
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