Exhibit 99.1
| NEWS RELEASE |
| Contact: | Douglas Kessler | Tripp Sullivan | ||
| COO and Head of Acquisitions | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 254-3376 |
ASHFORD HOSPITALITY BOARD AUTHORIZES ADDITIONAL $75 MILLION
FOR STOCK REPURCHASE PLAN
FOR STOCK REPURCHASE PLAN
DALLAS — (September 5, 2008) — Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that the Board of Directors has authorized an additional $75 million of the Company’s common stock that may be purchased under its share repurchase program. The Company had recently completed substantially all of the repurchase of the $50 million previously allocated under its existing share repurchase program.
Repurchases under the share repurchase program will be exercised from time to time, subject to market conditions and regulatory considerations. Repurchases may be made under a Rule 10b5-1 plan compliant with Rule 10b-18 of the Securities Exchange Act of 1934.
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Ashford Hospitality Trust is a self-administered real estate investment trust focused 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, the timing for closing, the impact of the transaction on 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.
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 Ashford’s 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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| 14185 Dallas Parkway, Suite 1100, Dallas, TX 75254 | Phone: (972) 490-9600 |