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Stock Market & Financial Investment News

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December 24, 2012
08:01 EDTAHTAshford Hospitality appoints Monty Bennett as Chairman of the board
Bennett will replace Archie Benett, who will retire on January 18, 2013. On January 19, 2013, Bennett will assume the role of Chairman Emeritus and advisor of the company. Monty Bennett has served as director and CEO of the company since 2003.
News For AHT From The Last 14 Days
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June 26, 2015
08:01 EDTAHTAshford 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.
June 24, 2015
16:11 EDTAHTAshford Hospitality to acquire two hotels in Minneapolis for $101M
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