DALLAS,
June 20, 2017
/PRNewswire/ -- Ashford Hospitality Prime, Inc.
(NYSE: AHP) ("Ashford Prime" or the
"Company") announced today that it has entered into an agreement
with Marriott to convert its Courtyard Philadelphia Downtown hotel
(the "Courtyard Philadelphia") to an Autograph Collection
property. Additionally, the Company announced that it has
begun marketing for sale its Marriott Plano Legacy hotel (the
"Marriott Plano"). These announcements are consistent with
the Company's refined strategy to either reposition or
opportunistically sell its non-core hotels.
The agreement with Marriott calls for the Courtyard
Philadelphia to be converted to an Autograph hotel by June 30, 2019 pursuant to a conversion Product
Improvement Plan ("PIP") currently estimated to be approximately
$23 million - including updates to
the guestrooms, guest bathrooms, corridors, lobby, restaurant, and
meeting space – which will create a distinctive theme and style for
the property that is commensurate with the Autograph product.
Marriott will continue to manage the property after the conversion
under a management agreement.
The Company also announced that it is listing its Marriott
Plano hotel for sale and has engaged Holiday Fenoglio Fowler
("HFF") to market the property to potential buyers. The sales
effort was officially launched at the NYU Hospitality Investment
Conference during the first week of June. For further
information on the opportunity please contact John Bourret at the Dallas office of HFF.
"Consistent with the announcement of our refined strategy
of focusing on luxury hotels and resorts, we have been exploring
opportunities to either reposition our non-core hotels to better
fit that strategy or to sell them if we think the timing is right
and we have visibility into an accretive redeployment of our
capital," said Richard J. Stockton,
Ashford Prime's President and Chief
Executive Officer. "With its prime location across from City
Hall and historical building designation, the upbranding of the
Courtyard Philadelphia to an Autograph Collection will occupy a
desirable niche in the attractive downtown Philadelphia market. As for the Marriott
Plano, the property has performed very well over the last several
years in the dynamic and growing Plano market and we currently see an
opportunity to capitalize on the growth and investment taking place
in that market."
Ashford Hospitality Prime is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press
release contain or are based upon "forward-looking" information and
are being made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Prime's
control.
These forward-looking statements are subject to known
and unknown risks and uncertainties, which could cause actual
results to differ materially from those anticipated, including,
without limitation: timing of closing of the transaction and
satisfaction of conditions to closing, general volatility of the
capital markets and the market price of our common stock; changes
in our business or investment strategy; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the market in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully
discussed in Ashford Prime's filings
with the Securities and Exchange Commission.
The forward-looking statements included in this press
release are only made as of the date of this press release.
Investors should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ashford-prime-announces-further-progress-on-non-core-hotels-strategy-300476306.html
SOURCE Ashford Hospitality Prime, Inc.