Ashford Hospitality Trust, a real estate investment trust based in Dallas, has priced an offering of 2.0 million shares of 8.55% cumulative preferred stock at $25 per share.The proceeds of $48 million will be used for general corporate purposes, including the acquisition of additional hotel investments, Ashford said. Wachovia Securities and Friedman Billings Ramsey were the joint book-running managers of the offering, and Legg Mason Wood Walker Inc. and Stifel, Nicolaus & Co. were the co-managers. The underwriters were granted a 30-day option to buy up to 300,000 additional shares to cover any overallotments. The REIT can be found online at http://www.ahtreit.com.
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