DALLAS, Aug. 8, 2018 /PRNewswire/ -- Ashford Inc. (NYSE
American: AINC) (the "Company") today announced it has completed
its previously announced acquisition of Remington Holdings, L.P.'s
("Remington") Project Management business. The transaction
represents a significant milestone in Ashford's strategy, adding
scale, diversification and an enhanced competitive position in the
hospitality industry by expanding the breadth of services the
Company offers to its advised REITs and other hospitality
companies. Also, the income from the Project Management
business is a crucial component of the Company's recently announced
Enhanced Return Funding Program ("ERFP") with Ashford Hospitality
Trust (NYSE: AHT) ("Ashford Trust") and the ERFP was contingent
upon the closing of the Project Management transaction.
Ashford also announced the final results of the Special Meeting
of Stockholders held August 7, 2018,
during which Ashford stockholders overwhelmingly approved the
proposal in connection with the transaction. Holders of over
87% of Ashford shares present and voting at the meeting,
representing over 78% of outstanding shares, voted in favor of the
proposal, and a majority of shares, excluding shares owned by
Ashford Trust, Braemar Hotels & Resorts (NYSE: BHR)
("Braemar"), and insiders and related parties, present and voting
at the meeting voted in favor of the proposal.
"We are excited to complete the strategic acquisition of
Remington's project management business," commented Monty J. Bennett, Ashford's Chairman and Chief
Executive Officer. "With deep industry experience and long-term
contracts in place, this transaction is a compelling opportunity
for Ashford to rapidly build our operating scale as well as
increase the breadth of services provided to our advised REITs and
other hospitality companies. We are also extremely pleased
that Ashford shareholders recognized the strategic and financial
merits of the transaction and I'm confident the acquisition will
increase our earnings potential and create significant long-term
shareholder value. The closing of this transaction is a
crucial piece of our ERFP Program, which we believe will give
Ashford Trust a significant competitive advantage when bidding on
hotel acquisitions and should ultimately result in growth in assets
under management and attractive returns to our shareholders."
Ashford provides global asset management, investment management
and related services to the real estate and hospitality
sectors.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
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."
Forward Looking Statements
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," "can," "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 the Company'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: adverse litigation or regulatory developments; our
success in implementing our business development plans of
integrating the Company's and Remington's Project Management
business and realizing the expected benefits of the transaction;
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 the Company'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.
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SOURCE Ashford Inc.