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AINC

Ashford

$96.48

0.48 (0.50%)

, AHT

Ashford Hospitality

$6.64

-0.09 (-1.34%)

08:05
04/09/18
04/09
08:05
04/09/18
08:05

Ashford to acquire Remington's Project Management division for $203M

Ashford (AINC) announced that it has signed a definitive agreement to acquire the Project Management business of privately-held Remington Holdings. The transaction, which is expected to close during the third quarter of 2018, is subject to approval by the Company's stockholders and customary closing conditions. Remington's Project Management provides comprehensive and cost-effective design, development, and project management services for both Remington managed hotels as well as external partners. It provides project oversight, coordination, planning, and execution of renovation, capital expenditure or ground-up development projects. Its operations are responsible for managing and implementing substantially all capital improvements at Ashford Hospitality Trust (AHT) and Ashford Hospitality Prime (AHP). Additionally, it has extensive experience working with many of the major hotel brands in areas of renovating, converting, developing or repositioning hotels. In 2017, Remington Project Management had revenues of approximately $29M and adjusted EBITDA of approximately $16.3M. Under the terms of the agreement, the Company will acquire Remington's Project Management business for a total transaction value of $203M. The purchase price will be paid by issuing voting, convertible preferred stock to the sellers. The newly created convertible preferred stock will have a conversion price of $140 per share (a 45% premium to the current trading level) and, if converted immediately after the consummation of the transaction, would convert into 1,450,000 shares of common stock. Dividends on the convertible preferred stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. Voting rights of the convertible preferred stock will be on an as-converted basis and the holders of the convertible preferred stock will have a voting limit of 25% of the Company's voting securities for five years. Upon closing of the transaction, the sellers will have the right to nominate two directors to the Company's Board of Directors. The transaction does not require a private letter ruling from the Internal Revenue Service. Upon the unanimous recommendation of the special committee, the independent and disinterested members of the Company's Board of Directors unanimously approved the transaction and recommended its approval by the Company's stockholders.

AINC

Ashford

$96.48

0.48 (0.50%)

AHT

Ashford Hospitality

$6.64

-0.09 (-1.34%)

AHP

Ashford Hospitality Prime

$10.31

-0.02 (-0.19%)

  • 03

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    May

AINC Ashford
$96.48

0.48 (0.50%)

06/22/17
06/22/17
INITIATION
Target $25

Outperform
Ashford initiated with an Outperform at FBR Capital
FBR Capital analyst Bryan Maher initiated Ashford with an Outperform and a a $25 price target.
11/07/17
RILY
11/07/17
DOWNGRADE
Target $81
RILY
Neutral
Ashford downgraded to Neutral from Buy at B. Riley FBR
B. Riley FBR analyst Bryan Maher downgraded Ashford to Neutral with an increased price target of $81 citing valuation. The analyst raised his estimates for the company to reflect J&S Audio Visual acquisition.
AHT Ashford Hospitality
$6.64

-0.09 (-1.34%)

12/14/17
STFL
12/14/17
NO CHANGE
STFL
Stifel cautious on Lodging REITs in 2018 with cycle seen near end
Stifel analyst Simon Yarmak is recommending being underweight Lodging REITs in 2018 citing his belief the lodging cycle is reaching the end and that several major REIT markets face supply issues. While cautious on the sector, he identifies DiamondRock Hospitality (DRH) as his top pick for those who want to participate in the space.
AHP Ashford Hospitality Prime
$10.31

-0.02 (-0.19%)

06/09/17
DBAB
06/09/17
UPGRADE
Target $13
DBAB
Buy
Ashford Hospitality Prime upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Chris Woronka upgraded Ashford Hospitality Prime to Buy saying shareholders today are likely to approve an amended advisory agreement whereby the termination fee payable to the advisor declines by approximately $50M, or nearly $1.50 per share. The analyst believes the vote would be immediately accretive to his NAV model by the same amount. He lowered his price target for the shares to $13 from $14.

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KMG

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