19.11.2013 22:44:13
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Ashford Trust Completes Ashford Prime Spin-Off
(RTTNews) - Ashford Hospitality Trust, Inc. (AHT) said Tuesday that it has completed the spin-off of Ashford Hospitality Prime, Inc.
Starting Wednesday, November 20, Ashford Prime will trade on the New York Stock Exchange under the ticker symbol "AHP," and Ashford Trust's shares of common stock will continue to trade on the NYSE under the ticker symbol "AHT."
Following the spin-off, Ashford Prime is now an independent and conservatively capitalized publicly-traded real estate investment trust focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets. Ashford Prime is externally advised by Ashford Hospitality Advisors, a subsidiary of Ashford Trust.
Ashford Trust completed the spin-off by distributing a pro-rata taxable dividend of Ashford Prime common stock to Ashford Trust stockholders of record as of the close of business of the NYSE on November 8. The distribution was based on a distribution ratio of one share of Ashford Prime common stock for every five shares of Ashford Trust common stock held by such stockholder on the record date. Following the distribution, there are about 24.9 million shares of Ashford Prime common stock and partnership units outstanding. This is comprised of about 16.1 million shares of Ashford Prime common stock and 8.8 million partnership units, which includes the partnership units issued to Ashford Trust reflecting its 20% ownership in Ashford Prime's operating partnership.
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