Ashford Hospitality Repurchases 5.9 Million Shares of Series B-1 Convertible Preferred Stock (United States)
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Ashford Hospitality Repurchases 5.9 Million Shares of Series B-1 Convertible Preferred Stock (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-05-04
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has repurchased 5,854,993 shares of the Company’s Series B-1 Convertible Preferred Stock from Security Capital Preferred Growth Incorporated. The remaining 1,392,872 shares of Series B Preferred Stock owned by Security Capital were converted into shares of the Company’s common stock. Ashford funded the repurchase of the Series B-1 Preferred Stock with proceeds from its recent Series E Preferred Stock offering.
Monty J. Bennett, Chief Executive Officer, noted, “We are pleased to have successfully completed this transaction and utilized, as planned, the proceeds from our recent preferred stock offering. This repurchase further reduces our fully diluted share count and simplifies our capital structure.”
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.
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