DALLAS–Ashford Hospitality Trust Inc. has priced its follow-on offering of 7.5 million shares of common stock at $10.70 per share. Proceeds from the offering will be used for general corporate purposes, such as hotel-related investments, capital expenditures, working capital and repayment of debt.
BofA Merrill Lynch, Morgan Stanley, and Deutsche Bank Securities acted as joint book-running managers. The underwriters have a 30-day option to purchase up to an additional 1.1 million shares.
Settlement is slated for April 14, 2014.
Locally-based Ashford Hospitality Trust issued its initial public offering in 2003, when the company was in its beginning stages. At the time, the company priced 22.5 million shares at $9 per share.
As GlobeSt.com reported, in 2005 the REIT launched a follow-on public offering of 7.5 million shares of common stock. At the time, the company's stock traded at $10.16 per share.
The company owns a dozen hotels in Texas, with three in Dallas and additional three in Houston.
At the end of business Tuesday, Ashford's stock closed at $10.58.
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