DALLAS, Nov. 15, 2021 /PRNewswire/ -- Ashford
Securities LLC ("Ashford Securities"), a wholly-owned subsidiary of
Ashford Inc. (NYSE American: AINC) ("Ashford"), continues to
receive strong interest from the investment community for its
recently launched product, shares of Series E Redeemable Preferred
Stock (brokerage shares) and Series M Redeemable Preferred Stock
(advisory shares) of Braemar Hotels & Resorts, Inc. (NYSE: BHR)
("Braemar"), and today announced sales of shares of $21.3
million for the month of November (as of November 12, 2021). The strong month-to-date
November performance was primarily driven by sales to several
institutional investors totaling approximately $20 million
(based on the stated value of shares sold).
In total, Braemar has sold, through Ashford Securities as dealer
manager, more than $33 million of the
Braemar Series E and Series M Redeemable Preferred Stock since the
offering launched on July 9, 2021. In
connection with the Braemar offering, Ashford Securities has
assembled a syndicate of 23 broker-dealers and RIA firms.
"We remain pleased with the continued strong performance in
capital raising for our first investment product," commented C. Jay
Steigerwald III, President, Head of Distribution, Ashford
Securities. "We are continuing to grow our syndicate of broker
dealers and RIA firms as additional firms look to add
differentiated income-oriented alternatives to their product
platforms. We look forward to capitalizing on this momentum for the
remainder of the year and into 2022."
Janney Montgomery Scott LLC acted as financial advisor and
placement agent, and Ashford Securities acted as managing
broker-dealer, to Braemar in connection with the institutional
investments described above.
About Ashford Securities LLC
Ashford Securities, member FINRA/SIPC, is an SEC-registered
broker-dealer that is wholly-owned by Ashford and serves as the
distributor for investment products within the Ashford group of
companies.
About Braemar Hotels & Resorts Inc.
Braemar is a real estate investment trust (REIT) focused on
investing in luxury hotels and resorts.
About Ashford Inc.
Ashford is an alternative asset management company with a
portfolio of strategic operating businesses that provides global
asset management, investment management and related services to the
real estate and hospitality sectors.
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. Forward-looking
statements in this press release include, among others, statements
about the future performance of the Braemar offering and the growth
of the syndicate of broker dealers and RIA firms. 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 our 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: the impact of the COVID-19 pandemic ("COVID-19"),
including one or more possible recurrences of COVID-19 case surges
that would cause state and local governments to reinstate travel
restrictions and the rate of adoption and efficacy of vaccines to
prevent COVID-19, on our business and investment strategy;
Ashford's ability to continue as a going concern; the timing and
outcome of the Securities and Exchange Commission ("SEC")
investigation; Ashford's ability to maintain compliance with NYSE
American LLC continued listing standards; Ashford's ability to
regain Form S-3 eligibility; Ashford's ability to repay, refinance
or restructure our debt and the debt of certain of its
subsidiaries; anticipated or expected purchases or sales of assets;
our projected operating results; completion of any pending
transactions; our understanding of our competition; market trends;
projected capital expenditures; the impact of technology on our
operations and business; general volatility of the capital markets
and the market price of Ashford's common stock and preferred stock;
availability, terms and deployment of capital; availability of
qualified personnel; changes in our industry and the markets 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's filings with the SEC.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider this risk when you make an investment decision concerning
Ashford's securities. Investors should not place undue reliance on
these forward-looking statements. We can give no assurance that
these forward-looking statements will be attained or that any
deviation will not occur. 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, except to the extent required by
law.
This overview is for informational purposes only and is not
an offer to sell, or a solicitation of an offer to buy or sell, any
securities of Ashford, or any of its subsidiaries, and may not be
relied upon in connection with the purchase or sale of any such
security, and the information contained herein does not form part
of any prospectus of Ashford that may be used to offer or sell
Ashford securities.
Additional Information
The SEC has declared effective the registration statement
(including a prospectus) filed by Braemar for the offering to which
this communication relates. Before you invest, you should read the
final prospectus and the accompanying prospectus supplements,
forming a part of that registration statement and other documents
Braemar has filed with the SEC for more complete information about
Braemar and the offering to which this communication relates. In
particular, you should carefully read the risk factors described in
the final prospectus, the accompanying prospectus supplements and
the documents incorporated by reference therein. You may get these
documents for free by visiting EDGAR on the SEC's website at
www.sec.gov. Alternatively, Braemar, Ashford Securities or any
dealer participating in the offering will arrange to send you the
prospectus if you request it by calling toll-free
1-800-970-8929.
The final prospectus, prospectus supplement no. 1 and prospectus
supplement no. 2 for the offering, dated February 25, 2020, April
2, 2021 and November 12, 2021,
respectively, can be accessed through the following links:
https://www.sec.gov/Archives/edgar/data/1574085/000104746920001039/a2240827z424b5.htm
https://www.sec.gov/Archives/edgar/data/1574085/000104746921000832/a2243145z424b3.htm
https://www.sec.gov/Archives/edgar/data/1574085/000110465921138050/0001104659-21-138050-index.htm
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SOURCE Ashford Inc.; Ashford Securities