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.