Ashford Hospitality Trust Increases Quarterly Dividend
COMMON STOCK DIVIDEND On December 17, 2012, Ashford announced that its Board of Directors had declared a quarterly cash dividend of $0.11 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2012, payable on January 15, 2013, to shareholders of record as of December 31, 2012.
The Board also approved the Company's dividend policy for 2013. The Company expects to pay a quarterly cash dividend of $0.12 per share for 2013, or $0.48 per share on an annualized basis. The Company believes a conservative approach to its dividend policy is prudent during the continuing global economic uncertainty and our nation's continuing economic recovery. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof. The Board will continue to review its dividend policy on a quarter-to-quarter basis.
"Our fourth quarter results demonstrate the significant progress we have made in improving our operating performance and unlocking the value of our Highland Hospitality portfolio through increased EBITDA growth driven by strong revenue growth and significant cost savings," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer. "Further, our capital market strategies have successfully addressed all of our near-term debt maturities while improving our liquidity position. We believe we are well positioned from a cash and liquidity standpoint in terms of both safety and growth should opportunities to capitalize on accretive investments appear. Finally, on behalf of the Company and the Board of Directors, I want to thank my father, Archie Bennett, Jr., for his many years of service and leadership to Ashford. It has been a privilege to have him as our Chairman these past nine years and we look forward to his continued contributions to our success as Chairman Emeritus."
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