Ashford Hospitality Prime, Inc.NYSE
Thu, Sep. 15, 8:03 AM
Thu, Aug. 4, 3:21 PM
- Speaking on the conference call after a sizable earnings miss, Ashford Prime (AHP +6.3%) CEO Monty Bennett says a deal at a net price (after a $70M fee to AINC) of $20.58 per share (the latest bid from The Weisman Group) or higher would be a great result for the shareholders.
- He notes, however, that Weisman refuses to sign an NDA even though other suitors have done so.
Wed, Aug. 3, 4:54 PM
Thu, Jul. 21, 12:24 PM
- Industry publication Reit Zone says The Weisman Group is set to boost its bid for Ashford Hospitality Prime (AHP +3.1%) to $23.65 per share from the previous $20.25.
- External manager Ashford Inc. (NYSEMKT:AINC) is up 0.5% on the session.
- Previously: Ashford Prime - buyout offer materially undervalues company (June 27)
Tue, Jul. 5, 9:13 AM
- Sold was the 250-room Courtyard Seattle Downtown/Lake Union for $84.5M. The company realized about $15M in net proceeds from the sale. The removal of this hotel which had a trailing 12-month RevPAR of $157, will bring up the overall portfolio average (currently $200).
- Since the buyback was initiated, AHP has repurchased 2.4M shares for $32.1M, removing 8.4% of the float.
Tue, Jun. 28, 1:00 PM
Mon, Jun. 27, 4:26 PM
- While the board is willing to consider a sale, the $1.4B, or $20.20 per share offer from The Weisman Group isn't going to cut it, says Ashford Prime (AHP -1.4%) CEO Monty Bennett.
- He notes the offer is a gross price from which the $70M management termination fee to Ashford Inc. (NYSEMKT:AINC) must be paid, but Bennett and team continue to believe that fee could be materially higher.
- AHP closed today at $14.32.
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Tue, Jun. 14, 4:27 PM
Mon, Jun. 13, 7:14 AM
- All of the company's director nominees received a plurality of votes at the annual meeting. However, "withheld" votes exceeded "for" votes for each member. In accordance with company policy, each submitted their resignation, but all resignations were rejected.
- Lead director Curtis McWilliams says the board is fully aware of investor concerns and looks forward to addressing them soon.
- The special committee of the board has given the green light for AHP's financial advisors to connect with The Weisman Group to review its $20.25 per share buyout proposal.
- Source: Press Release
Fri, Jun. 10, 1:11 PM
Thu, Jun. 9, 1:12 PM
Wed, Jun. 8, 1:00 PM
Wed, Jun. 8, 12:46 PM
Wed, Jun. 8, 10:19 AM
- Confirming receipt of an unsolicited proposal to buy the company from The Weisman Group - a real estate investment firm based out of Sherman Oaks, CA - Ashford Prime (AHP +35.3%) says it intends to carefully review the offer.
- To review, Ashford Prime was spun out of Ashford Trust (AHT +2.1%) just less than three years ago. The performance of the stock price since has been underwhelming (off about 50%).
- The company - after completing a strategic review earlier this year - now is engaged in a proxy fight with activist investor Sessa Capital.
- Previously: Ashford Prime takeover offer at near 100% premium (June 8)
- The stock just came off trading halt, and is now up 35% to $15.30 per share. Weisman's offer is for $20.25. External manager Ashford, Inc (AINC -1.6%).
Wed, Jun. 8, 10:02 AM| Wed, Jun. 8, 10:02 AM