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Ashford Hospitality Trust Inc Announces Plan To Spin-Off High RevPAR Hotel Portfolio As Ashford Hospitality Prime Inc

Monday, 17 Jun 2013 04:25pm EDT 

Ashford Hospitality Trust Inc announced that the Company's Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford Trust common stock in the form of a taxable special distribution. The distribution is expected to be comprised of common stock in Ashford Hospitality Prime, Inc. (Ashford Prime), a newly formed company to which Ashford Trust plans to transfer the portfolio interests. This distribution is expected to be made on a pro rata basis to holders of Ashford Trust common stock as of the distribution record date. The distribution is expected to take place toward the end of the third quarter. Ashford Prime is expected to qualify as a real estate investment trust (REIT) for federal income tax purposes, and intends to file an application to list its shares of common stock on the New York Stock Exchange, under the symbol AHP. 

Company Quote

0.14 +1.35%
18 Dec 2014