Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - ASHFORD HOSPITALITY TRUST INC | d81429aexv5w1.htm |
| EX-1.1 - EX-1.1 - ASHFORD HOSPITALITY TRUST INC | d81429aexv1w1.htm |
| 8-K - FORM 8-K - ASHFORD HOSPITALITY TRUST INC | d81429ae8vk.htm |
| EX-10.1 - EX-10.1 - ASHFORD HOSPITALITY TRUST INC | d81429aexv10w1.htm |
Exhibit 99.1
| NEWS RELEASE | ||||
Contact:
|
David Kimichik | Tripp Sullivan | ||
| Chief Financial Officer | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 324-7335 |
ASHFORD HOSPITALITY PRICES PREFERRED STOCK OFFERING
DALLAS — (April 13, 2011) — Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has
priced an underwritten offering of 3,000,000 shares of 9.000% Series E Cumulative Preferred Stock
at $25.00 per share. The annual dividend for the preferred stock is $2.25 per share, payable
quarterly. The offering is expected to close on or about April 18, 2011.
Ashford expects to use the net proceeds of the offering to either repurchase a portion or all of
the Company’s Series B-1 Cumulative Preferred Stock, all of the shares of which are currently held
by Security Capital Preferred Growth Incorporated, with any excess proceeds being used to pay down
the Company’s secured credit facility or for general corporate purposes.
Citi, BofA Merrill Lynch and UBS Investment Bank served as joint book-running managers for the
offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any
preferred stock nor shall there be any sale of such stock in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state. A copy of the prospectus supplement and prospectus related to the offering
may be obtained from Citi, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th
Street, 8th Floor, Brooklyn, New York 11220, or by calling (800) 831-9146; BofA Merrill Lynch, 100
West 33rd Street, 3rd Floor, New York, New York 10001, Attention: Syndicate Operations or email
dg.prospectus_requests@baml.com, or by calling 800-294-1322; or UBS Securities LLC, Attention:
Prospectus Department, 299 Park Avenue, New York, NY 10171, or by calling 1-877-827-6444 (ext.
561-3884).
* * * * *
Ashford Hospitality Trust 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, including direct hotel investments, second mortgages, mezzanine
loans and sale-leaseback transactions. Additional information can be found on the Company’s
website at www.ahtreit.com.
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| 14185 Dallas Parkway, Suite 1100, Dallas, TX 75254 | Phone: (972) 490-9600 |
AHT Prices Preferred Stock Offering
Page 2
April 13, 2011
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April 13, 2011
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. 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 or 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 otherwise.
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