Ashford Hospitality Trust Prices Offering Of 11.0 Million Shares Of Common
DALLAS, June 20, 2013
DALLAS, June 20, 2013 /PRNewswire/ --Ashford Hospitality Trust, Inc. (NYSE:
AHT) ("Ashford" or the "Company") today announced that it has priced its
follow-on public offering of 11,000,000 shares of common stock at $12.00 per
share. The Company has granted the underwriters a 30-day option to purchase
up to an additional 1,650,000 shares of common stock. Settlement of the
offering is expected to occur on June 26, 2013.
Ashford intends to use the net proceeds of the offering to effect the planned
spin-off of Ashford Hospitality Prime, Inc. that the Company announced on June
17, 2013, including, because of the way the spin-off is structured, to pay the
common stock dividend just for this new share issue for the quarter ending
June 30, 2013. If the spin-off is not effected, Ashford intends to use the
net proceeds of the offering for other general corporate purposes, including,
without limitation, financing future hotel-related investments, capital
expenditures, working capital and repayment of debt or other obligations.
BofA Merrill Lynch, Deutsche Bank Securities, and Morgan Stanley acted as the
joint book-running managers for the offering. KeyBanc Capital Markets, Credit
Agricole CIB and Credit Suisse acted as senior co-managers, and Baird, Stifel,
Cantor Fitzgerald & Co., JMP Securities, and MLV & Co. acted as co-managers.
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 which such offer, solicitation,
or sale would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
The offering is being made only by means of a prospectus supplement and the
related base prospectus, which have been filed with the Securities and
Exchange Commission. Copies of the preliminary prospectus supplement, final
prospectus supplement (when available) and the related base prospectus may be
obtained from BofA Merrill Lynch by contacting 222 Broadway, New York, NY
10038, Attention: Prospectus Department, or email:
firstname.lastname@example.org, Deutsche Bank Securities by contacting 60
Wall Street, New York, NY 10005-2836, Attention: Prospectus Group, or email:
email@example.com, Morgan Stanley by contacting 180 Varick Street, 2nd
Floor, New York, NY 10014, Attention: Prospectus Department, or email:
firstname.lastname@example.org, or on the internet site of the Securities and
Exchange Commission at www.sec.gov.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on
investing opportunistically in the hospitality industry across all segments
and at all levels of the capital structure primarily within in the United
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, statements about the terms and size of the offering
and the use of proceeds from the offering, including the planned spin-off of
Ashford Hospitality Prime, Inc. 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; the degree
and nature of our competition; and the satisfaction of the condition to the
completion of the spin-off . 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
SOURCE Ashford Hospitality Trust, Inc.
Contact: David Kimichik, Chief Financial Officer, (972) 490-9600, Deric
Eubanks, SVP - Finance, (972) 490-9600, Elise Chittick, Investor Relations,
(972) 778-9487, or Scott Eckstein, Financial Relations Board, (212) 827-3766
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