Baird served as lead manager on this offering
AboutAshford Hospitality Prime, Inc. (“Ashford Prime” or the “Company”) (NYSE: AHP) recently completed a follow-on offering of 5,750,000 shares of common stock for total gross proceeds of approximately $69.9 million. Ashford Prime intends to use the net proceeds from the offering for future acquisitions and for general corporate purposes.
Ashford Prime is a REIT that invests primarily in high revenue per available room (“RevPAR”), luxury, upper-upscale and upscale hotels in gateway and resort locations. High RevPAR, for purposes of the Company’s investment strategy, means RevPAR at least twice the United States national average RevPAR for all hotels as determined by Smith Travel Research. The Company’s portfolio consists of 11 hotels in six states, the District of Columbia and the United States Virgin Islands. The portfolio includes nine wholly-owned hotel properties and two hotel properties that are owned through a partnership in which Ashford Prime has a controlling interest. The hotels represent 3,702 rooms, or 3,467 net rooms, excluding those attributable to the Company’s partner. Ashford Prime is headquartered in Dallas, Texas.
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- March 2017
- Ashford Hospitality Prime, Inc.
- Real Estate
- Target Location
- North America