Ashford Hospitality $50 million preferred price talk 8 5/8%-8¾%, to price Wednesday

By Paul A. Harris

St. Louis, Sept. 13 - Ashford Hospitality Trust, a Dallas-based real estate investment trust, expects to price $50 million of series A perpetual preferred stock on Wednesday, according to a syndicate source.

Price talk is 8 5/8% to 8¾%.

Wachovia Securities and Friedman Billings Ramsey have the books. Legg Mason and Stiffel Nicholas are co-managers.

The company plans to sell 2 million $25.00 shares at par.

The shares will come with five years of call protection.

Proceeds will be used to fund hotel purchases and mezzanine loans in the hotel sector.

The notes will be listed on the New York Stock Exchange. The ticker symbol is AHTpA.

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