Ashford Hospitality Prime offers shares to fund two acquisitions

Real estate investment trust Ashford Hospitality Prime has commenced an underwritten public offering of 8 million shares of common stock, with the intent to use the net proceeds to acquire the Sofitel Chicago Water Tower and the Pier House Resort in Key West, Fla., and for general corporate purposes and working capital, including the acquisition of additional properties in the ordinary course of business.

BofA Merrill Lynch and Morgan Stanley are acting as the joint book-running managers for the offering. KeyBanc Capital Markets, Credit Agricole CIB, Credit Suisse, Baird, and Stifel are acting as senior co-managers.  FBR, JMP Securities, MLV& Co., and Craig-Hallum Capital Group are acting as co-managers.

Ashford Hospitality Prime is focused on investing in high-RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

 

Suggested Articles

Thomas C. Morey will retain his role as general counsel on an interim basis until his successor is appointed.

This week has been about the economy and budget sector, the planet and whether the Reuben Brothers go clubbing a lot.

The budget hotel sector has seen its focus expand to look not only at price, but at design and concept, as guests have become more demanding.