Ashford Hospitality Prime is exploring a full range of strategic alternatives, including a possible sale of the company, less than two years after it was spun off from Ashford Hospitality Trust. The company has retained Deutsche Bank Securities as its financial adviser to assist in this process.
“We do not believe Ashford Prime’s current share price accurately reflects the company’s intrinsic value,” Ashford Prime CEO Monty J. Bennett said in a statement. “While we are confident in our strategic plan, we have concluded that we should consider all other opportunities to maximize shareholder value.”
The company is in the beginning stage of the strategic review, and there can be no assurance that the company will enter into a deal. The company does not intend to make any further public comment regarding the review until it has been completed.
Read more over at The Wall Street Journal.