Ashford Hospitality Prices Preferred Stock Offering Of 3M Shares (AHT)
Ashford Hospitality Trust (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 credit facility or for general corporate purposes.
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