DALLAS—Lodging REIT Ashford Hospitality Trust, Inc. has made a follow-on public offering of 7.5 million shares of common stock at $10.70 per share.
The company expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,125,000 shares of common stock. Settlement of the offering is expected to occur on April 14,
Ashford Trust intends to use the net proceeds of the offering for general corporate purposes, including, without limitation, hotel-related investments, capital expenditures, working capital and repayment of debt or other obligations.
Bank of America Merrill Lynch and Morgan Stanley are the joint book-running managers for the offering. Baird, Credit Suisse, KeyBanc Capital Markets and Stifel acted as senior co-managers, and Cantor Fitzgerald & Co., Craig-Hallum Capital Group, JMP Securities and MLV & Co. acted as co-managers.