Ashford Announces Stock Offering

Ashford Hospitality Trust, Dallas, is making a follow-on public offering of 7.5 million shares of common stock in the wake of its recent initial public offering.The real estate investment trust said the proceeds of the offering will be used mainly to defray some expenses related to its recent acquisition of a 21-hotel portfolio, for the repayment of some mortgage debt, and possibly to fund future hotel investments. Underwriters will have the option to buy an additional 1.125 million shares of common stock from the company to cover any overallotments, Ashford said. Wachovia Securities and Friedman Billings Ramsey are the joint managers of the offering, which is expected to be priced on Jan. 13.