Key Developments: Ashford Hospitality Trust Inc (AHT)
13.22USD
22 May 2013
$-0.20 (-1.49%)
$13.42
$13.41
$13.76
$13.09
472,233
327,631
$13.76
$7.33
Latest Key Developments (Source: Significant Developments)
Ashford Hospitality Trust Inc Completes Acquisition Of Pier House Resort And Spa
Ashford Hospitality Trust Inc announced that it has completed the previously-announced acquisition of the 142-room Pier House Resort and Caribbean Spa in Key West, Florida, for total consideration of $90 million in cash ($634,000 per key). Ashford funded the entire purchase price with cash on hand. At the end of the first quarter, Ashford had total cash, cash equivalents, and marketable securities of $234 million and nothing drawn on its $165 million corporate credit facility. The Company is currently in the market evaluating property level debt financing for the acquisition. Full Article
Ashford Hospitality Trust Inc Announces Acquisition Of Pier House Resort and Spa For $90 Million
Ashford Hospitality Trust Inc announced that it has signed a definitive agreement to acquire the 142-room Pier House Resort and Caribbean Spa in Key West, Florida, for total consideration of $90 million in cash ($634,000 per key). Ashford intends to fund the entire purchase price with cash on hand. The acquisition is expected to close within the next 15 days. The purchase price of $90 million represents a trailing 12-month cap rate of 6.2% on net operating income and an EBITDA yield of 7.0%. On a forward 12-month basis, the purchase price represents a cap rate of 7.6% on net operating income and an EBITDA yield of 8.5%, which equates to an 11.8x forward EBITDA multiple. In 2012, the hotel achieved RevPAR of $275, with occupancy of 83% and an Average Daily Rate of $333. Full Article
Ashford Hospitality Trust Inc Declares Dividends For First Quarter Of 2013
Ashford Hospitality Trust Inc announced that Board of Directors declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the first quarter ending March 31, 2013. The dividend, which equates to an annual rate of $0.48 per share, is payable on April 15, 2013, to shareholders of record as of March 29, 2013. The Board declared a quarterly cash dividend of $0.5344 per diluted share for the Company's 8.55% Series A Cumulative Preferred Stock for the first quarter ending March 31, 2013. The dividend, which equates to an annual rate of $2.1375 per share, is payable on April 15, 2013, to shareholders of record as of March 29, 2013. The Board declared a quarterly cash dividend of $0.5281 per diluted share for the Company's 8.45% Series D Cumulative Preferred Stock for the first quarter ending March 31, 2013. The dividend, which equates to an annual rate of $2.1125 per share, is payable on April 15, 2013, to shareholders of record as of March 29, 2013. The Board declared a quarterly cash dividend of $ 0.5625 per diluted share for the Company's 9.00% Series E Cumulative Preferred Stock for the first quarter ending March 31, 2013. The dividend, which equates to an annual rate of $2.25 per share, is payable on April 15, 2013, to shareholders of record as of March 29, 2013. Full Article
Ashford Hospitality Trust Inc Completes $112.6 Million Financing On Renaissance Nashville And Westin Princeton
Ashford Hospitality Trust Inc announced that the Company, along with its joint venture partner, has closed a $112.6 million loan secured by the Renaissance Hotel in Nashville, Tennessee and the Westin Hotel in Princeton , New Jersey. These hotels are part of the Company's Highland Hospitality Portfolio of which Ashford has a 71.74% ownership interest. Terms described in this press release refer to 100% of the loan indebtedness unless otherwise indicated. The new financing, which has a five-year term and bears interest at a fixed interest rate of 4.44%, replaces two existing loans with a combined balance of $76.8 million and a weighted average interest rate of 6.05%. At closing, $30 million of the excess loan proceeds were deposited into reserve accounts to be used predominantly for future capital expenditures and $3.8 million were used to pay down the mezzanine debt balance on the overall Highland Hospitality Portfolio. Full Article
Ashford Hospitality Trust Inc Announces Chairman Change
Ashford Hospitality Trust Inc announced that Chairman Archie Bennett, Jr. will retire on his 75th birthday, January 18, 2013, consistent with the Company's Corporate Governance Guidelines. On January 19, 2013, he will assume the role of Chairman Emeritus and advisor to the Company providing his expertise and insights to the Company on various initiatives and projects. Monty J. Bennett, who has served as Director and Chief Executive Officer of the Company since its formation in August 2003, will succeed him in his role as Chairman, effective January 19, 2013. Full Article
Ashford Hospitality Trust Inc Declares Dividends for Fourth Quarter of 2012
Ashford Hospitality Trust Inc announced that the Board of Directors declared a quarterly cash dividend of $0.11 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2012. Full Article
Ashford Hospitality Trust Inc Completes Refinancing Of $154 Million Loan
Ashford Hospitality Trust Inc announced that it has successfully refinanced its $154 million non-recourse mortgage loan set to mature in December 2015. The Prudential/Wheelock loan had an outstanding balance of $154 million with a combined interest rate of 12.72%. The loan has been refinanced with a new $211 million mortgage loan with a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. The new loan is interest only and provides for a floating interest rate of LIBOR + 6.15% with a 0.25% LIBOR Floor. The refinance resulted in over $50 million of excess proceeds and the annual interest savings will be about $6 million per year, resulting in AFFO per share accretion of approximately $0.07. The new debt financing is neutral to the Company on a net debt basis, and the Company will continue to de-leverage through ongoing debt amortization payments. The new loan remains secured by the same five hotels including: the Embassy Suites Crystal City, Embassy Suites Orlando Airport, Embassy Suites Santa Clara, Embassy Suites Portland and the Hilton Costa Mesa. Full Article
Ashford Hospitality Trust Inc Increases Senior Credit Facility To $165 Million
Ashford Hospitality Trust Inc announced that it has expanded the revolving commitments under its senior credit facility from $145 million to $165 million. The terms of the credit facility remain unchanged including the option, subject to lender approval, to further expand the revolving commitments under the facility to an aggregate size of $225 million. Full Article
Ashford Hospitality Trust Inc Declares Dividends for Third Quarter of 2012
Ashford Hospitality Trust Inc announced that its Board of Directors declared a quarterly cash dividend of $0.11 per diluted share for the Company's common stock for the third quarter ending September 30, 2012. The dividend, which equates to an annual rate of $0.44 per share, is payable on October 15, 2012, to shareholders of record as of September 28, 2012. Full Article
Ashford Hospitality Trust Inc Declares Common Stock Dividend
Ashford Hospitality Trust Inc announced that its Board of Directors had declared a quarterly cash dividend of $0.11 per diluted share for the Company's common stock for the second quarter ending June 30, 2012, payable July 16, 2012, to shareholders of record as of June 29, 2012. Full Article
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