Ashford Hospitality buys back 1.72 million preferreds in fourth quarter

By Angela McDaniels

Tacoma, Wash., Jan. 20 - Ashford Hospitality Trust, Inc. said it repurchased 114,500 shares of its series A cumulative preferred stock and 1,605,653 shares of series D cumulative preferred stock during the fourth quarter.

The company issued $50 million of the series A preferreds with an 8.55% coupon in September 2004.

These share repurchases completed the company's previously announced stock and debt repurchase plan, according to an 8-K filing with the Securities and Exchange Commission.

On Jan. 15, the board of directors authorized an additional $200 million repurchase plan authority for the repurchase of common stock, series A preferreds, series B-1 cumulative convertible redeemable preferreds and series D preferreds and the prepayment of other outstanding debt.

The company plans to fund any repurchases with proceeds from asset sales, cash flow from operations, existing cash on the balance sheet, repayment of loans made to third parties and other sources.

At the end of the fourth quarter, there were 2,185,500 of the series A preferreds and 6,394,347 of the series D preferreds outstanding.

Ashford Hospitality Trust is a Dallas-based self-administered real estate investment trust focused on investing in the hospitality industry.

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