DALLAS, Nov. 14 2014 /PRNewswire/ -- Ashford Hospitality
Trust (NYSE: AHT) ("Ashford Trust" or the "Company") today
highlighted the performance of Ashford Inc. (NYSE: AINC), which
began operating as an independent company following the successful
completion of its spin-off from Ashford Trust on November 12, 2014.
Since shares of Ashford Inc. began trading "when issued" on
November 7, 2014, the value of
Ashford Inc. stock has increased from $25.00 per share to $63.05 per share reflecting a 152% increase in
value. The Company is confident that the separation of its
asset management business into Ashford Inc. will continue to create
significant value for shareholders, and believes the initial market
reaction to the separation validates this position.
The Company believes that Ashford Inc. is well positioned for
growth with advisory agreements in place with two publicly traded
REITs, Ashford Trust and Ashford
Prime. In addition, the Company is confident that Ashford
Inc. will benefit from the success of Ashford Trust and
Ashford Prime, and will drive
additional value across the Ashford portfolio of companies.
The Company noted that other parties recognize the value
creating potential of Ashford Inc. In its November 7, 2014, report, Glass Lewis & Co
discussed the value-creating potential of Ashford
Inc.:1
"We also recognize that Ashford Trust shareholders will maintain
at least a 40% stake in Ashford Inc. immediately following the
spin-off, leaving them with substantial exposure to Ashford Inc.'s
revenue streams and growth prospects. Overall, in light of the
Company's performance track record under the board's stewardship,
we believe the board has earned continued deference from
shareholders at this time with regard to strategic and
organizational decisions, such as the spin-off."
Another leading independent governance advisor, Egan-Jones Proxy
Services, joined Glass Lewis in recognizing the value creating
potential of Ashford Inc.:
"We take this position because we believe the spin-off of
Ashford Inc. will result in significant value creation for the
shareholders, and any delay in the timing of the spin-off will
impact the ability to capitalize on current opportunities, which
could result in the loss of enhanced value creating
opportunities."
The Board has unanimously determined that the hotel union's
solicitation statement is contrary to the best interests of the
Company and its stockholders, and vigorously opposes their
solicitation of written request cards. Accordingly, the Board
recommends that shareholders do not sign any written request card
sent by UNITE HERE. Whether or not shareholders have
previously executed UNITE HERE's written request card, they may
elect against the calling of a special meeting if they sign, date
and deliver the BLUE Revocation Card to the Company's proxy
solicitor, MacKenzie Partners Inc. ("MacKenzie Partners"), at 105
Madison Avenue, New York, NY
10016. Shareholders can contact MacKenzie Partners, Inc.
toll-free at 1-800-322-2885 or 212-929-5500 or e-mail
proxy@mackenziepartners.com if they have any questions or need
assistance.
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.
Important Additional Information:
Ashford Trust,
its directors and certain of its officers and employees are
participants in solicitations of Ashford Trust stockholders.
Information regarding the names of Ashford's directors and
executive officers and their respective interests in Ashford Trust
by security holdings or otherwise is set forth in Ashford Trust's
definitive revocation statement on Schedule 14A filed with the U.S.
Securities and Exchange Commission (the "SEC") on November 12, 2014, the Company's proxy statement
for its 2014 annual meeting of stockholders, filed with the SEC on
April 14, 2014, as supplemented by
the proxy information filed with the SEC on May 5, 2014. Additional information can be found
in Ashford Trust's Annual Report on Form 10-K for the year ended
December 31, 2013, filed with the SEC
on March 3, 2014, its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2014, filed with the SEC on
November 7, 2014, its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2014, filed with the SEC on
May 12, 2014 and its Quarterly Report
on Form 10-Q for the quarter ended June 30,
2014, filed with the SEC on August
11, 2014. To the extent holdings of Ashford Trust's
securities have changed since the amounts printed in the proxy
statement for the 2014 annual meeting of stockholders, such changes
have been reflected on Initial Statements of Beneficial Ownership
on Form 3 or Statements of Change in Ownership on Form 4 filed with
the SEC. These documents are available free of charge at the SEC's
website at www.sec.gov.
This communication does not constitute an offer to buy or
solicitation of an offer to sell any securities. This communication
is not a substitute for any proxy statement, solicitation
statement, registration statement, prospectus or other document
Ashford may file with the SEC. STOCKHOLDERS ARE ENCOURAGED TO
READ ANY ASHFORD PROXY STATEMENT, SOLICITATION STATEMENT (INCLUDING
ANY SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT
ASHFORD TRUST MAY FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will
be able to obtain, free of charge, copies of any solicitation
statement and any other documents filed by Ashford Trust with the
SEC at the SEC's website at www.sec.gov. In addition, copies will
also be available at no charge at the Investors section of
Ashford's website at www.ahtreit.com.
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date they were first issued and are
based on current expectations as well as the beliefs and
assumptions of management. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve
factors or circumstances that are beyond Ashford Trust's control.
Ashford Trust expressly disclaims any intent or obligation to
update these forward-looking statements except as required by law.
Additional information concerning these and other risks can be
found in press releases issued by Ashford Trust, as well as
Ashford's public filings with the SEC, including the discussion
under the heading "Risk Factors" in Ashford's most recent
Annual Report on Form 10-K and any subsequent Quarterly Reports on
Form 10-Q. Copies of Ashford's press releases and filings
with the SEC, are available at www.ahtreit.com or you can contact
the Ashford Investor Relations Department at 972-778-9487.
1 Permission to use quotation neither sought nor
obtained
SOURCE Ashford Hospitality Trust, Inc.