Ashford Hospitality Trust Announces Offering of 7.5 Million Shares of Common Stock

(Hospitality Business News) December 13, 2010 - Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it commenced an underwritten public offering of 7.5 million shares of its common stock. Deutsche Bank Securities Inc. is acting as the sole book-running manager for the offering. Ashford intends to use the net proceeds to repay a portion of its outstanding borrowings under its senior credit facility, although it may also 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. Ashford will grant the underwriter a 30-day option to purchase up to an additional 1.125 million shares to cover over-allotments, if any.

Hyatt Regency Dearborn to be sold for $12.5 million

The Hyatt Regency Dearborn is under contract to be sold in a $12.5 million deal.

The 772-room hotel in Dearborn has been on the market since Dallas-based real estate investment trust Ashford Hospitality Trust Inc. (NYSE: AHT) defaulted on the $32.5 million loan at the end of 2009.

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Ashford Hospitality Trust Reports First Quarter Results

DALLAS, May 5 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the first quarter ended March 31, 2010. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 102 hotels owned and included in continuing operations as of March 31, 2010. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2010, with the first quarter ended March 31, 2009 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.


FINANCIAL HIGHLIGHTS AND LIQUIDITY

Corporate unrestricted cash at the end of the quarter was $172.2 millionTotal revenue decreased 7.6% to $217.0 million from $234.9 millionRevPAR decreased 4.1% for the quarterHotel EBITDA margin decreased 200 basis pointsNet income attributable to common shareholders was $305,000, or $0.01 per diluted share, compared with net income attributable to common shareholders of $6.8 million, or $0.08 per diluted share, in the prior-year quarterAdjusted funds from operations (AFFO) was $0.32 per diluted share versus $0.31 per diluted share in the prior-year quarterFixed charge coverage ratio was 1.69x under the senior credit facility covenant versus a required minimum of 1.25x

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Ashford Hospitality Trust extends $157M loan

Ashford Hospitality Trust Inc. says it has won a two-year extension of the maturity on a $157 million loan.


The hotel real estate investment trust said late Monday the loan will now be due in August 2013 instead of August 2011.

The loan is from Aareal Bank AG and is secured by the Hilton LaJolla Torrey Pines and the Capital Hilton held in a joint venture with Hilton Worldwide, Ashford said.

The two-year extension in the maturity date for the loan is in exchange for a reduction in the loan balance of $2.5 million at closing and another $2.5 million over the next twelve months.

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Ashford Hospitality Trust Reports Fourth Quarter Results

FINANCIAL HIGHLIGHTS AND LIQUIDITY




-- Corporate unrestricted cash at the end of the quarter was $165.2 million

-- Total revenue decreased 18.3% to $234.6 million from $287.3 million

-- RevPAR decreased 13.5% for the quarter

-- Operating profit margin decreased 297 basis points

-- Net loss available to common shareholders was $76.9 million, or $1.30

per diluted share, compared with net income of $135.1 million, or $1.34

per diluted share, in the prior-year quarter

-- Adjusted funds from operations (AFFO) was $0.32 per diluted share

-- Cash available for distribution (CAD) was $0.22 per diluted share

-- Fixed charge coverage ratio was 1.69x under the senior credit facility

covenant versus a required minimum of 1.25x

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Ashford Hospitality Trust Inc. puts Dearborn Hyatt into receivership

Dallas hotel owner Ashford Hospitality Trust Inc. has agreed to put its Hyatt Regency hotel in Dearborn, Mich., into receivership.

The move helps Ashford (NYSE: AHT) and its lender avoid foreclosure on the hotel, and is the result of five months of negotiations with the lender, which the company did not identify in an announcement

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Ashford Hospitality Trust Reports Third Quarter Results

FINANCIAL HIGHLIGHTS AND LIQUIDITY

-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x

-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.


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Ashford Hospitality in Talks to Revise Loan on Westin O'Hare

Hotel owner Ashford Hospitality Trust Inc. is negotiating to revise the terms of its $101 million securitized mortgage on the 525-room Westin O'Hare hotel near Chicago's O'Hare International Airport.
Ashford, which owns 103 hotels, aims to strike a deal to keep the Westin O'Hare rather than forfeiting it to the special servicer overseeing the mortgage, Ashford executives say. But Ashford wants the payments it must make on the mortgage reduced because the hotel no longer generates enough cash flow on its own to cover them.

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Hotel Owners walk away from mortgages

Ashford Hospitality Trust Reports Second Quarter Results

DALLAS, Aug. 5 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the second quarter ended June 30, 2009. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 103 hotels owned and included in continuing operations as of June 30, 2009. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2009, with the second quarter ended June 30, 2008, and include the impact of non-cash impairment charges (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

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http://www.snl.com/irweblinkx/file.aspx?IID=4088185&FID=8165989

Westin O'Hare at risk of default

(Crain’s) — The owner of the Westin O’Hare is in danger of defaulting on a $101-million loan because of falling occupancy levels and room rates at the 525-room hotel, according to a recent report.
The hotel is no longer generating enough cash flow to cover its monthly interest payments, and its owner, Dallas-based Ashford Hospitality Trust Inc., “is asking for debt service relief during the downturn,” according to the report by a so-called special servicer overseeing the loan. The loan is in a danger of “imminent default,” the report says.

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http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34965

Ashford Hospitality Trust Remains on Stable Ground

Despite the bankruptcy filing of Extended Stay America a few weeks ago, Ashford Hospitality Trust (AHT) remains on solid footing. As my analysis demonstrated, even if Ashford’s entire mezzanine loan portfolio goes bad, they would still be in good shape. This means being able to meet all debt service requirements, meet all debt covenant requirements, meet the preferred dividend payments, and have plenty of cash on hand for capital expenditures and principal repayments due in 2010 and 2011.
The company sits on $240 million of unrestricted cash.

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http://seekingalpha.com/article/147565-ashford-hospitality-trust-remains-on-stable-ground

How Extended Stay America’s Bankruptcy Affects Ashford Hospitality

Ashford Hospitality tanks on hotel's Chapter 11

Ashford Hospitality Trust Reports First Quarter Results

DALLAS, May 5 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the first quarter ended March 31, 2009. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 103 hotels owned and included in continuing operations as of March 31, 2009. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2009, with the first quarter ended March 31, 2008. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY -- Corporate unrestricted available cash at the end of the quarter was
$239.7 million
-- Total revenue decreased 16.2% to $239.7 million from $286.0 million
-- Net income available to common shareholders was $6.8 million, or $0.08
per diluted share, compared with a net loss of $833,000, or $0.01 loss
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) per diluted share increased 7% to
$0.31 per diluted share
-- Cash available for distribution (CAD) per diluted share increased 5% to
$0.23 per diluted share
-- Fixed charge ratios were 1.73x and 1.88x under the senior credit
facility covenants and the Series B convertible preferred covenants,
moving slightly higher from the previous quarter's results of 1.72x
and 1.77x, versus required minimums of 1.25x each