NEW YORK (Thomson Financial) - Ashford Hospitality Trust Inc. Monday said
its board had approved the buyback of up to $50 million of its common stock.
The Dallas-based real estate investment company said the repurchase program
represents about 5.5% of its outstanding stock, based on Friday closing price of
$7.47. Ashford didn't say how long the authorization would last for.
The company also said it had completed the previously-announced $7 million
sale of a Residence Inn in Kansas City, and that it has a "firm contract" to
sell a JW Marriott in New Orleans. The Marriott will be sold for $67.5 million
in cash and assumed debt, the company said, and is expected to close by the end
of the year.
Ashford has sold $93.5 million in assets since Sept. 30.
Shares of Ashford closed Friday at $7.47.
Ryan Vlastelica
rv/tk1
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