Ashford is seeking $9.62 per share for the follow-on. The offering was announced at seven million shares, but includes a 30-day option for the underwriters to buy another 1.4 million shares of common stock to cover over-allotments. For previous story, click here.
Ashford's press release, issued this morning, reiterates the net proceeds will primarily be used to buy the portfolio, including expenses related to the sale. Wachovia Securities and Friedman Billings Ramsey are the joint book-running managers for the offering. AG Edwards, Legg Mason Wood Walker Inc., Calyon Securities (USA) Inc., JMP Securities and Stifel, Nicolaus & Co. Inc. are co-managers.
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