DALLAS, March 9, 2015 /PRNewswire/ -- Ashford Inc. (NYSE
MKT: AINC) ("Ashford" or the "Company") announced today that with
Ashford Hospitality Trust's (NYSE: AHT) ("Ashford Trust")
completion of the acquisition of the remaining 28.26% ownership
interest of the Highland Hospitality portfolio from its joint
venture partner, its assets under management have grown by
approximately $360
million. Ashford Trust's purchase price of
$250.1 million was paid in cash and
funded by the concurrent refinancing of 24 hotels in the portfolio
as well as proceeds from Ashford Trust's recent equity
offering. The acquisition and refinancing increases Ashford
Trust's total market capitalization by approximately $360 million.
The 28-hotel Highland Hospitality portfolio includes 19
full-service hotels and 9 select-service hotels with a
concentration in major brands such as Hilton, Marriott, Hyatt and
Starwood. In connection with the transaction, Ashford Trust
refinanced 24 of the 28 hotels in the Highland portfolio with a new
$1.07 billion non-recourse mortgage
loan. The new financing has a two-year initial term with
four, one-year extension options, subject to the satisfaction of
certain conditions.
Ashford is a global asset management company focused on managing
real estate, hospitality, and securities platforms.
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'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'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.