Janney Is Acting as Financial Advisor to the Special Committee of Ashford Inc. on its Announced $275 Million Acquisition of Remington Hotel Management
Ashford Inc. (NYSE: AINC) (the “Company”) announced that it has signed a definitive agreement to acquire the Hotel Management business of privately-held Remington Holdings, LP (“Remington”) for a purchase price of $275 million. The transaction, which is expected to close sometime in the fourth quarter of 2019, is subject to approval by the Company’s stockholders, the receipt of an acceptable Private Letter Ruling from the Internal Revenue Service and customary closing conditions.
“The proposed acquisition of Remington’s high-margin Hotel Management business will immediately add scale, diversification and an enhanced competitive position for Ashford in the hospitality industry, while also expanding the breadth of services we offer to our advised REITs,” commented Monty J. Bennett, Ashford’s Chairman and Chief Executive Officer. “With deep industry experience and mutual exclusivity agreements in place with our advised REITs, we believe the acquisition of Remington’s Hotel Management business represents a compelling opportunity for Ashford to further diversify its earnings stream and, moving forward, the potential to expand business to third-party clients.”
Janney is acting as Financial Advisor to the Special Committee of Ashford Inc. in this transaction.
About Ashford Inc.
Ashford Inc. is a leading provider of asset management and other services to companies within the hospitality industry. Ashford's principals have a very successful track record and many years of experience investing and asset managing lodging and real estate. Currently, Ashford serves as the advisor to two NYSE listed real estate investment trusts, namely Ashford Hospitality Trust and Braemar Hotels & Resorts.