SA News • Mon, Dec. 15
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- Ashford Trust continues to hold an approximately 19% interest in Ashford Prime, so growth and positive performance from Ashford Prime will be realized by Trust investors through that ownership position.
- Ashford Trust investors hold the shares of AHP they received in the spin-off, then they will benefit from any positive performance at Prime.
- Ashford Prime seems attractive, since listing last November the shares have fallen by around 28% to a close of $15.14.
Mon, Dec. 15, 8:09 AM| Comment!
Mon, Dec. 8, 8:10 AM
- Ashford Hospitality Prime (NYSE:AHP) has bought back 726K common shares and 176K common units over the last 13 months at an average price of $17.35 each (total of $15.7M). The float is now about 33.6M shares.
- The buyback program allows for $100M worth of purchases. The stock closed on Friday at $17.20.
- Source: Press Release (Dec. 8, 2014)
Fri, Nov. 21, 6:48 AM
- Files to offer up to 8.8M shares.
- 8.8M shares at $17.46 (yesterday's close) would be worth $154M. AHP's market cap is currently $441M.
- Source: SEC filing
Wed, Nov. 12, 7:23 AM
- The distribution ratio will be one share of Ashford Inc. (NYSEMKT:AINC) for every 87 shares of Ashford Hospitality Trust (NYSE:AHT) held by stockholders on November 11.
- Following the spin, about 70% of the common stock of AINC - an asset management company with long-term deals in place with AHT and Ashford Prime (NYSE:AHP) - will be held publicly, and the rest by Ashford Trust.
- Source: Press release
Mon, Nov. 10, 8:53 AM
- Ashford Hospitality Prime's (NYSE:AHP) Aareal Capital mortgage loan which had an outstanding balance of $196M and a maturity date in February 2018 has been refinanced with the same lender into a new $198M loan with a 5-year initial term. The new rate is Libor +2.65%. It's secured by the same two hotels: the Capital Hilton in D.C. and the Hilton La Jolla Torrey Pines.
- Ashford has a 75% interest in the two and Hilton 25%.
- Source: Press Release
Mon, Oct. 27, 7:28 AM
- Believing the public markets continue to value the company's portfolio at a discount to private market value, Ashford Hospitality Prime (NYSE:AHP) intends to create value by selling lower RevPAR hotels and using the proceeds to buy back stock. AHP is lower by about 20% since it was spun out of Ashford Hospitality Trust (NYSE:AHT) nearly one year ago to the day.
- To that end, the company intends to look into the sale of the Courtyard Downtown Philadelphia and other hotels in its portfolio, and the board has authorized a $100M repurchase program.
- Management also reaffirms its plan to achieve a 5x or lower net debt-to-EBITDA ratio by the end of 2015.
- Source: Press Release
Tue, Sep. 30, 9:44 AM
- Noting the stock is off about 14% since being initiated with a Market Perform on July 17, analyst Nikhil Bhalla, sees a better H2 shaping up for the company and upgrades Ashford Hospitality Price (AHP +1.4%) to Outperform with $20 price target.
- "Investors getting into the stock at this level are buying into a portfolio that is trading materially below what it is worth in the private market," he says, estimating that discount to be 28-33%.
Mon, Sep. 15, 8:13 AM
Fri, Jun. 13, 8:44 AM| Comment!
Mon, Jun. 2, 11:27 AM
- The team launches coverage today with Buys on American Realty Capital (ARCP -0.4%), Ashford Hospitality Prime (AHP +2%), and Physicians Realty Trust (DOC +0.7%).
- In one other REIT coverage initiation, Jefferies starts Brookdale Senior Living (BKD -0.4%) with a Buy and $40 price target. Last week, Fortress Investment sold another large chunk of its stake in the company.
Mon, Apr. 21, 7:18 AM| Comment!
Mon, Mar. 17, 11:38 AM
- In this deal so far, the "spinner" is working, the "spinee" not so much. Ashford Hospitality Trust (AHT +2.6%) adds to big gains since the spinoff of Ashford Prime (AHP +0.6%) late last year as JMP Securities upgrades AHT to Market Outperform.
- The stock's ahead about 30% since the November move, while Ashford Prime - the upscale hotel spinoff - has lost about 20% of its value.
Mon, Mar. 17, 8:18 AM
Thu, Feb. 27, 5:42 PM| Comment!
Wed, Feb. 19, 11:30 AM
- Ashford Hospitality Trust (AHT +7.6%) continues a big move following the spinoff of Ashford Prime (AHP -0.1%), with an upgrade to Buy at Baird apparently today's catalyst. The price target is raised to $14 from $12. The stock is easily the leader in the hotel REIT space, ahead 25% YTD.
- Kudos to SA Pro's Dane Bowler who last November called the spinoff a buying opportunity.
Tue, Jan. 21, 4:20 PM
- Ashford Hospitality Prime (AHP) will offer 8M shares with underwriters granted a greenshoe option of 1.2M. The proceeds will be used for the purchase of the Sofitel Chicago Water Tower and the Pier House Resort, along with general corporate purposes.
- AHP was spun out of Ashford Trust (AHT) in November of last year.
- Press release
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