EXHIBIT 99.6
(ASHFORD HOSPITALITY TRUST LOGO)
NEWS RELEASE
Contact: Douglas Kessler Tripp Sullivan
COO and Head of Acquisitions Corporate Communications, Inc.
(972) 490-9600 (615) 254-3376
ASHFORD HOSPITALITY TRUST COMPLETES SECOND PORTFOLIO ACQUISITION
FOR $33.9 MILLION
TRANSACTION HIGHLIGHTS:
o Acquired at 9.36 Trailing 12-Month EBITDA Multiple
o Solidifies Strategic Relationship with One of the Premier Developers in the
Hospitality Industry
o Provides Substantial Diversification to Ashford's 15-Property Portfolio in
Fast-Growing Markets
DALLAS - (November 25, 2003) - Ashford Hospitality Trust, Inc. (NYSE: AHT) today
announced it has closed on the acquisition of a four-property, 393-room
portfolio of hotels from Noble Investment Group for $33,850,000, or
approximately $86,000 per key. The transaction is the second acquisition
completed by the Company in as many months and increases its current portfolio
to 15 hotel properties totaling 2,381 rooms.
The acquired portfolio consists of the following Hilton and Marriott branded
hotels: the Hilton Garden Inn in Jacksonville, Florida; the SpringHill Suites by
Marriott in Jacksonville, Florida; the Homewood Suites in Mobile, Alabama; and
the Hampton Inn in Atlanta/Lawrenceville, Georgia. The Company purchased the
four limited service hotels at a trailing 12-month EBITDA multiple of 9.36.
Ashford intends to invest an additional $1.0 million of capital improvements
into the newly built, high-quality hotels. Noble Management Group, a wholly
owned management affiliate of Noble Investment Group, will continue to operate
the four properties under incentive-based management agreements.
"Diversification and flexibility are key tenets of Ashford Hospitality Trust's
investment strategy," stated Monty J. Bennett, President and CEO. "These four
properties provide significant geographic, segment and service level
diversification to our portfolio and are consistent with our focus on the elite
hotel brands. Noble is an extremely qualified owner, developer and operator.
This transaction cements a strategic relationship with one of the premier
merchant builders in the hospitality industry. More importantly, the trailing
12-month yields on this portfolio and that of the five-hotel portfolio
acquisition completed last month have exceeded our initial return targets. These
better-than-expected yields demonstrate the benefits of placing a priority on
making the right investments for the long term over short-term expediencies."
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14180 Dallas Parkway, 9th Floor, Dallas, TX 75254 Phone: (972)490-9600
AHT Completes Second Portfolio Acquisition
Page 2
November 25, 2003
The 119-room Hilton Garden Inn in Jacksonville is located off I-95 near the
intersection of Southside Boulevard and J.T Butler Boulevard - in the heart of
the Deerwood Business Park. The four-year-old property includes approximately
1,900 square feet of meeting space, a full service restaurant, an outdoor pool,
and fitness room.
The 102-suite SpringHill Suites in Jacksonville was built in 2000 and is located
less than one-quarter mile from the Hilton Garden Inn on Southside Boulevard
also within the Deerwood Business Park. The property includes meeting space, an
outdoor pool and fitness room.
The 86-room Homewood Suites in Mobile, Alabama was developed in 1998.
Conveniently located approximately one mile from Mobile International Airport,
the property features two-room, apartment style suites and benefits from a host
of regional and multi-national companies headquartered nearby. Guest amenities
include meeting space, a fitness room, outdoor pool and continental breakfast.
The 86-room Hampton Inn is located in the northeast Atlanta suburb of
Lawrenceville. Situated across from Gwinnett Medical Center and a surrounding
office park, the six-year-old property also provides guests convenient access to
one of Atlanta's top shopping destinations - the Mall of Georgia.
* * * * *
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, 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.
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14180 Dallas Parkway, 9th Floor, Dallas, TX 75254 Phone: (972)490-9600
AHT Completes Second Portfolio Acquisition
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November 25, 2003
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. EBITDA is defined as
Net Income before interest, taxes, depreciation and amortization.
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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14180 Dallas Parkway, 9th Floor, Dallas, TX 75254 Phone: (972)490-9600