EXHIBIT 99.11
 | NEWS RELEASE |
| Contact: | Douglas Kessler | Tripp Sullivan | ||
| COO and Head of Acquisitions | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 254-3376 |
ASHFORD HOSPITALITY TRUST CLOSES
$60 MILLION SECURED REVOLVING CREDIT FACILITY
DALLAS — (February 6, 2004) — Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has closed a three-year, $60 million secured revolving credit facility, at a rate of 325 basis points over LIBOR. The credit facility is led by Credit Lyonnais New York Branch, as Administrative Agent and Sole Lead Arranger and Book Manager, and Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services, Inc., as Syndication Agent. Subject to certain conditions, the credit facility allows for an increase in the commitment to $75 million.
“We are very pleased with our credit facility banks and their confidence shown in our financial strength and investment strategy,” said Monty J. Bennett, President and CEO of Ashford Hospitality Trust. “This financing gives Ashford the capital to take advantage of its near term investment pipeline with the flexibility to pursue longer term strategic objectives.”
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Ashford Hospitality Trust is a self-administered real estate investment trust focused exclusively on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company’s web site at www.ahtreit.com.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, our transaction pipeline, our business and future financial condition, our business and investment strategy; our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford’s control.
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| 14180 Dallas Parkway, 9th Floor, Dallas, TX 75254 | Phone: (972) 490-9600 |
AHT Closes $60 Million Credit Facility
Page 2
February 6, 2004
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in the section entitled “Risk Factors” in Ashford’s Registration Statement on Form S-11, as amended (File Number 333-105277), and from time to time, in Ashford’s other filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
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