Ashford Hospitality Trust Announces Pricing of $30M of 9.00% Series E Preferred Stock

Ashford Hospitality Trust, Inc. AHT today announced that it priced an underwritten public offering of 1,280,000 shares of its existing 9.00% Series E Cumulative Preferred Stock. Ashford granted the underwriters a 30-day option to purchase up to an additional 192,000 shares to cover over-allotments, if any. The offering is expected to close on October 17, 2011, subject to customary closing conditions. The shares were priced at $23.47 per share including accrued dividends equating to a yield of 9.59%. Ashford intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future hotel-related investments, capital expenditures and working capital. Net proceeds may also be used for repurchasing shares of common stock under Ashford's repurchase program.