"This transaction substantially increases our asset base andmarket capitalization and reflects strong investor confidence inour business plan," says Monty J. Bennett, president and CEO ofAshford. "Our percentage of full-service, upper-upscale and upscaleassets will increase thereby improving Ashford's position forgrowth going forward, while providing additional brand andgeographic diversification."

The acquisition will boost Ashford's direct hotel portfolio toincrease to 54 assets totaling 9,189 rooms, according to the REIT.Of the 21-property portfolio acquisition, Ashford considers 13hotels as core assets, consisting of five brands and oneindependent totaling 3,099 rooms: Houston Embassy Suites Galleriain Houston; Houston Hilton NASA/Clearlake, also in Houston; FortWorth Radisson in Fort Worth; St. Petersburg Hilton in St.Petersburg, FL; West Palm Beach Embassy Suites and Admiralty OfficeBuilding in West Palm Beach, FL; Key West Crowne Plaza LaConcha inKey West, FL; Sheraton Minneapolis West in Minnetonka, MN; BeverlyHills Crowne Plaza in Los Angeles; Rockland Radisson HotelBoston/South Shore in Rockland, MA; Milford Radisson in Milford,MA; Indianapolis Airport Radisson Hotel in Indianapolis;Indianapolis Radisson Hotel City Centre, also in Indianapolis; andthe Historic Inns in Annapolis, MD.

The core portfolio is current undergoing an estimated$35-million to $40-million capital improvement plan, which will becompleted under Ashford's ownership by early 2006. RemingtonLodging & Hospitality, an affiliate of the current manager ofthe properties, will operate the hotels.