DALLAS, Nov. 12, 2014 /PRNewswire/ -- Ashford Inc.
(NYSE MKT: AINC) ("Ashford Inc." or the "Company") announced today
the successful completion of its spin-off from Ashford Hospitality
Trust, Inc. (NYSE: AHT) ("Ashford Trust"). The Company will
begin "regular way" trading as an independent public company on the
New York Stock Exchange MKT ("NYSE MKT") under the ticker symbol
"AINC," starting tomorrow, November
13, 2014.
Ashford Inc. is a global asset management company focused on
managing real estate, hospitality, and securities platforms.
Initially, Ashford Inc. will serve as the advisor to Ashford
Hospitality Prime (NYSE: AHP) ("Ashford
Prime"), an NYSE-listed real estate investment trust
('REIT") that invests primarily in high RevPAR luxury,
upper-upscale and upscale hotels and resorts, predominantly located
in gateway markets. Ashford Inc. will also serve as the
advisor to Ashford Trust, an NYSE-listed REIT focused on investing
opportunistically across all segments and at all levels of the
capital structure within the hospitality industry. Together,
Ashford Prime and Ashford Trust own
126 hotels with an aggregate asset value of over $5 billion. In addition to advising these
two platforms, Ashford Inc. will be the manager for Ashford
Investment Management, a securities investment platform.
Going forward, Ashford Inc. will seek to expand its asset
management business through multiple channels, including; (i)
managing additional assets of the existing Ashford Trust and
Ashford Prime platforms; (ii)
managing assets of newly-formed platforms; (iii) acquiring other
businesses that provide services to the hospitality industry or
acquiring the expertise or personnel necessary to provide such
services, and; (iv) acquiring third-party asset management
contracts and businesses.
"Today we celebrate the start of a new publicly traded asset
management company," said Monty J.
Bennett, Ashford Inc.'s Chairman and Chief Executive
Officer. "With one of the best total return track records in
the lodging REIT sector, the Ashford Inc. management team will be
poised to not only continue to create significant shareholder value
as advisor to the Trust and Prime platforms, but it will also be
well-positioned to capitalize on additional opportunities to
accretively grow and expand Ashford Inc.'s business for the benefit
of its shareholders."
Ashford Trust completed the partial spin-off of Ashford Inc. by
distributing a pro-rata taxable dividend of Ashford Inc. common
stock to Ashford Trust common stockholders. The distribution
was based on a ratio of one share of Ashford Inc. common stock for
every 87 shares of Ashford Trust common stock held by stockholders
of record as of the close of business of the NYSE on November 11, 2014 (the "Record 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. An
information statement concerning the details of the spin-off has
been mailed to Ashford Trust stockholders. 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 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 Inc.'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 Inc.'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 Inc.