Ashford Hospitality greenshoe exercised, raising preferreds to $57.5 million shares

Pittsburgh, Sept. 27 - Ashford Hospitality Trust Inc. said the underwriters of its recent offering of 8.55% series A cumulative preferred stock exercised their over-allotment option for 300,000 shares, bringing the size of the deal to 2.3 million shares or $57.5 million.

The Dallas self-administered real estate investment trust originally priced 2 million of the $25 par preferred shares on Sept. 15 at an 8.55% coupon.

Friedman Billings Ramsey and Wachovia Securities were the bookrunners.

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

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