Ashford Hospitality Trust Completes Refinancing Of $154 Million Loan

     Ashford Hospitality Trust Completes Refinancing Of $154 Million Loan

PR Newswire

DALLAS, Nov. 7, 2012

DALLAS, Nov. 7, 2012 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE:
AHT) today announced that it has successfully refinanced its $154 million
non-recourse mortgage loan set to mature in December 2015. The
Prudential/Wheelock loan had an outstanding balance of $154 million with a
combined interest rate of 12.72%.

The loan has been refinanced with a new $211 million mortgage loan with a
two-year initial term and three one-year extension options, subject to the
satisfaction of certain conditions. The new loan is interest only and
provides for a floating interest rate of LIBOR + 6.15% with a 0.25% LIBOR
Floor. The refinance resulted in over $50 million of excess proceeds and the
annual interest savings will be about $6 million per year, resulting in AFFO
per share accretion of approximately $0.07. The new debt financing is neutral
to the company on a net debt basis, and the company will continue to
de-leverage through ongoing debt amortization payments. The new loan remains
secured by the same five hotels including: the Embassy Suites Crystal City,
Embassy Suites Orlando Airport, Embassy Suites Santa Clara, Embassy Suites
Portland and the Hilton Costa Mesa.

"Given today's attractive debt capital market environment, we took this
opportunity to address the Prudential/Wheelock loan early and considerably
lower our annual interest expense while taking out a significant amount of
excess proceeds, thereby improving our liquidity position," said Monty J.
Bennett, Chief Executive Officer of Ashford Hospitality Trust. "At Ashford,
we are constantly evaluating such opportunities, allowing us to benefit from
these unique conditions in the capital markets and continually enhance our
liquidity and financial resources which is ultimately in the best interests of
our shareholders."

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. Additional information can be found on the Company's
website at

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

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. EBITDA is defined as net income before interest, taxes,
depreciation and amortization. EBITDA yield is defined as trailing twelve
month EBITDA divided by the purchase price. A capitalization rate is
determined by dividing the property's annual net operating income by the
purchase price. Net operating income is the property's funds from operations
minus a capital expense reserve of either 4% or 5% of gross revenues. Funds
from operations ("FFO"), as defined by the White Paper on FFO approved by the
Board of Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") in April 2002, represents net income (loss) computed in
accordance with generally accepted accounting principles ("GAAP"), excluding
gains (or losses) from sales of properties and extraordinary items as defined
by GAAP, plus depreciation and amortization of real estate assets, and net of
adjustments for the portion of these items related to unconsolidated entities
and joint ventures.

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

SOURCE Ashford Hospitality Trust, Inc.

Contact: David Kimichik, Chief Financial Officer, +1-972-490-9600, or Elise
Chittick, Investor Relations, +1-972-778-9487; or Scott Eckstein, Financial
Relations Board, +1-212-827-3766
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