Ashford Hospitality Trust And Its Joint Venture Partner Convert Leasehold Interest In The Renaissance Nashville Hotel To Fee

  Ashford Hospitality Trust And Its Joint Venture Partner Convert Leasehold
Interest In The Renaissance Nashville Hotel To Fee Simple Ownership And Enter
                   Into Lease For Additional Meeting Space

PR Newswire

DALLAS, April 10, 2013

DALLAS, April 10, 2013 /PRNewswire/-- Ashford Hospitality Trust, Inc. (NYSE:
AHT) today announced that the Company, along with its joint venture partner,
has entered into a series of Agreements with the City of Nashville and
Davidson County relating to the 673-room Renaissance Nashville Hotel that
include converting the joint venture's leasehold interest in the hotel to fee
simple ownership and a new, 30-year lease for approximately 80,000 square feet
of additional meeting and pre-function space. The hotel is part of the
Company's Highland Hospitality Portfolio of which Ashford has a 71.74%
ownership interest.

The Agreements include converting the joint venture's leasehold interest in
the hotel, which was set to expire in 2087, to fee simple ownership, extending
the current lease term of some adjacent facilities to 2112, and entering into
a new, 30-year lease for 80,000 square feet of meeting space and pre-function
space located at the existing Nashville Convention Center, which is adjacent
to the hotel, all at no cost to the joint venture. By entering into the lease
for the additional meeting space, the hotel will now be able to offer over
110,000 square feet of self-contained meeting and pre-function space to
accommodate larger groups. Previously, the hotel offered 30,000 square feet
of self-contained meeting space and had access to the newly leased space on an
"as available" basis and paid additional rent for the use of that space.

Commenting on the announcement, Monty J. Bennett, Ashford's Chairman and Chief
Executive Officer, said, "We are very excited to complete this transaction
with the City of Nashville and Davidson County given all the development
currently taking place in downtown Nashville, including the highly anticipated
new 1.2 million square foot Music City Center just two blocks from the
Renaissance and scheduled to open the middle of this year. We expect the
Renaissance Hotel to play a big part as Nashville becomes an even more
attractive destination for groups and transient travelers alike. These
Agreements also highlight the capabilities of our asset management team as we
seek to maximize the value of our assets for our shareholders."

The hotel is currently undergoing a value-added renovation for a total
expenditure of approximately $20 million and will soon undertake an additional
renovation of the newly leased meeting space that will be funded from existing
capital reserves.

The Renaissance Hotel is located in Downtown Nashville. The property includes
approximately 110,000 square feet of meeting and pre-function space, with two
grand ballrooms, over 50 private access club floor rooms, a full service
restaurant, two lounges, an indoor pool, gift shop, fitness room and business
center. The Renaissance Hotel is conveniently within walking distance of the
Bridgestone Arena, Tennessee Performing Arts Center and the Ryman Auditorium.

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, (972) 490-9600; Elise
Chittick, Investor Relations, (972) 778-9487; Scott Eckstein, Financial
Relations Board, (212) 827-3766
Press spacebar to pause and continue. Press esc to stop.