Ashford Hospitality Trust Announces Exercise of Over-Allotment Option
Ashford Hospitality Trust, Inc. (NYSE: AHT) announced that the underwriter has exercised its option to purchase 300,000 shares of the Company’s common stock at $9.65 per share pursuant to Ashford’s December 2010 public offering. In total, the Company sold 7,800,000 shares of common stock at $9.65 per share.
Ashford Hospitality Trust, Inc. (NYSE: AHT) announced that the underwriter has exercised its option to purchase 300,000 shares of the Company’s common stock at $9.65 per share pursuant to Ashford’s December 2010 public offering. In total, the Company sold 7,800,000 shares of common stock at $9.65 per share.
The net proceeds were used to repay a portion of the Company’s outstanding borrowings under its senior credit facility, and it intends to use a portion of the net proceeds for general corporate purposes, including, without limitation, financing future hotel-related investments, capital expenditures and working capital or repayment of other debt or maturing obligations as they become due.
Deutsche Bank Securities Inc. acted as the sole book-running manager for the offering.
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