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Stock Market & Financial Investment News

News Breaks
February 19, 2014
06:21 EDTAHPAshford Hospitality Prime initiated with a Neutral at RW Baird
Target $19.
News For AHP From The Last 14 Days
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June 26, 2015
08:01 EDTAHPAshford Hospitality announces planned sale of select-service hotel portfolio
Ashford Hospitality (AHT) announced several strategic initiatives. The company has analyzed numerous strategies to maximize shareholder value with its select-service hotels including: raising private capital and forming a joint venture, a spin-off similar to Ashford Hospitality Prime (AHP), holding the select-service assets indefinitely, and/or selling many or all the select-service assets. After a full analysis of the potential strategies and in response to investor feedback, the company announced that it intends to immediately commence the process to list for sale a portfolio of approximately 23 select-service hotels that are mostly brand-managed and will take an opportunistic approach to selling the remaining select-service hotels in the future. In addition, the company will redefine its investment strategy to focus predominantly on upper upscale, full-service hotels. The Company's advisor, Ashford may separately pursue sponsoring a select-service platform. The for-sale 23 select-service hotel portfolio totals 4,308 rooms, is encumbered by approximately $190M of long term fixed rate debt and approximately $187M of maturing or floating rate debt for total debt of approximately $377M. The current trailing 12-month NOI for the portfolio is approximately $44M, and the trailing 12-month RevPAR for the portfolio is approximately $88. It is anticipated that the proceeds from this sale will be redeployed into assets that are consistent with Ashford Trust's redefined strategy: predominately upper upscale, full-service hotels.

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