"We passed the test," David Kimichik, CFO for the Dallas-basedAshford, tells GlobeSt.com. The key to shoring up the plan wasmarking the one-year milestone.Brinson Patrick Securities Corp. ofNew York City was selected as sales manager. Kimichik says Ashfordhasn't worked up a schedule for any stock sale. "All we've done isprepare ourselves to the extent that if we want to sell additionalsecurities then we can do so," he explains.

The one-year-old Ashford now owns 23 hotels with 3,469 rooms in12 states. It has acquired or originated mezzanine loans totaling$71.6 million.

Ashford is scheduled to close a $210-million term loan,announced in early August as a means to refuel the acquisitionprogram. The vehicle, arranged through Merrill Lynch MortgageLending Inc., is secured by 25 hotels. The interest-only financinghas three one-year extension options. The capital will be used topay off $56 million in two mortgages, lower a credit facility by$57 million, apply $10 million to another mortgage and put thebalance toward the announced acquisition of a portfolio owned byDunn Hospitality Group of Evansville, IN.