Shares of hotel real estate investment trusts fell sharply in afternoon trading on Monday, one trading day after Ashford Hospitality Trust Inc. became the latest REIT to suspend its dividend to preserve cash.
Ashford shares dropped 15 cents, or 11.8 percent, to $1.12 in afternoon trading. The stock has traded between 86 cents and $7.35 during the past 52 weeks. The broader market also retreated on Monday as investors responded to continuing violence in the Middle East and the collapse of a Dow Chemical Co. joint venture.
On Friday, Ashford said it is laying off staff, freezing salaries, reducing benefits, renegotiating vendor contracts and suspending its common stock dividend to cut costs and preserve cash.
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Source - Forbes
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