DALLAS, Nov. 12, 2014 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") announced today it has completed the previously
announced spin-off of Ashford Inc. (NYSE MKT: AINC) ("Ashford
Inc."). Starting tomorrow, November
13, 2014, Ashford Inc. will trade on the NYSE MKT under the
ticker symbol "AINC" and Ashford Trust's shares will continue to
trade on the NYSE under the ticker symbol "AHT."
Following the spin-off, Ashford Inc. is now an independent
publicly traded asset management company focused on managing real
estate, hospitality, and securities platforms both domestically and
internationally.
Ashford Trust completed the spin-off by distributing a pro-rata
taxable dividend of Ashford Inc. common stock to Ashford Trust
common stockholders of record as of the close of business of the
NYSE on November 11, 2014 (the
"Record Date"). The distribution was based on a distribution
ratio of one share of Ashford Inc. common stock for every 87 shares
of Ashford Trust common stock held by such stockholder on the
Record Date. An information statement concerning the details
regarding the distribution of Ashford Inc. common stock and its
business following the spin-off was mailed to Ashford Trust
stockholders on the distribution date.
Following the distribution by Ashford Trust and the completion
of the exchange offer conducted by Ashford Inc., approximately 70%
of the outstanding common stock of Ashford Inc. will be publicly
held (including shares held by officers and directors of Ashford
Trust and Ashford Inc.). The remaining approximate 30% of the
outstanding common stock of Ashford Inc. will be held by Ashford
Trust. Following the spin-off, there are approximately 2.0
million shares of Ashford Inc. common stock outstanding.
Ashford Trust stockholders should consult their tax advisors with
respect to U.S. federal, state, local and foreign tax consequences
of the Ashford Inc. spin-off.
Prior to the spin-off, Ashford Trust and Ashford Inc. entered
into a separation agreement and various other agreements related to
the spin-off, as described in the information statement.
Please visit the Company's website at www.ashfordinc.com under the
Investors section for additional information regarding the
spin-off, including links to filings with the U.S. Securities and
Exchange Commission.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry across all segments and at all levels of the capital
structure primarily within the United States.
Ashford Inc. is a global asset management company focused on
managing real estate, hospitality, and securities platforms.
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."
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 Trust'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: 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 Trust'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.
SOURCE Ashford Hospitality Trust, Inc.