The Dallas-based REIT, edging up on its first year as a publiclytraded company, has spent $384 million of nearly $550 million ofits purchasing power, with another $17-million purchase nearing thefinish line, Ashford's top execs, Monty J. Bennett, president andCEO, and Douglas A. Kessler, COO and acquisitions head, told thepanel. To date, spending activity has been confined toacquisitions, two mezzanine loans and one subordinate firstmortgage in a diversified strategy that includes first mortgagelending and sale/leasebacks, a multifaceted game plan that sets itapart from other lodging REITs.

Bennett and Kessler toed the line on information, sticking closeto the first-quarter report issued in early May. The $200-millionpipeline is in various stages of negotiations, says Kessler, whodidn't delve into detail about what or where. Ashford, whichlaunched with six hotels, has pushed the total to 19 propertieswith 3,104 rooms, a blended portfolio of mid-scale and upperupscale with only one flying an independent flag.