Ashford Group of Companies to Return PPP Funds
Ashford Group | May 4, 2020
DALLAS -- May 4, 2020 -- The Ashford Group of Companies announced today that all of its companies, including Ashford Inc. (NYSE American: AINC), Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust"), and Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar"), will return all funds provided by the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") due to the agency's recently changed rules and inconsistent federal guidance that put the companies at compliance risk. Federal Government assistance is required to repair the most significant damage in history to U.S. hotels and hospitality businesses cause...
Braemar Hotels & Resorts Plans January 2020 Opening of The Clancy – A New Autograph Collection Property In Downtown San Francisco
Braemar Hotels & Resorts | August 1, 2019
July 2019 (San Francisco, CA) – Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced the planned opening of The Clancy in January 2020. Located in San Francisco's vibrant South of Market (SoMa) district, the former Courtyard San Francisco Downtown is undergoing a rebranding and renovation of approximately $30 million to create The Clancy. The hotel now joins Marriott International's Autograph Collection® Hotels, a diverse portfolio of approximately 180 independent hotels around the world that reflect unique vision, design and environments. The Clancy is ideally situated at 299 Second Street, i...
Ashford Trust to Acquire the Hilton Alexandria Old Town for $111 Million and Introduces New Funding Program With Ashford Inc.
June 27, 2018
DALLAS, June 27, 2018 -- Highlights: Ashford Inc. to provide Ashford Trust with funding of a maximum of $50 million in connection with up to $500 million of future Ashford Trust hotel acquisitions Designed to enhance Ashford Trust shareholder returns Estimated to increase asset level internal rates of return by 700 - 1,200 basis points1 Programmatic commitment effectively reduces amount of equity funding by Ashford Trust on investments Ashford Trust currently holds $286 million in excess corporate cash Ashford Inc. to commit $11.1 million to Ashford Trust in connection with the expected $111 million acquisition of the Hilton A...
Ashford Trust Sells Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 Million
Ashford Hospitality Trust | June 30, 2017
DALLAS, June 30, 2017 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that it has completed the sale of the 495-room Crowne Plaza Ravinia in Atlanta, Georgia for $88.7 million ($179,000 per key). The sales price represents a trailing 12-month cap rate of 5.6% on net operating income and a trailing 15.3x EBITDA multiple. The hotel had an existing allocated debt balance of approximately $65.6 million that was paid off along with an additional $13.1 million of debt pay down used to release the asset from the loan pool. After debt payoff and transaction costs, the net pro...
Ashford Trust Completes Sale of Two Palm Desert Hotels for $36 Million
Ashford Hospitality Trust | October 10, 2016
DALLAS, Oct. 10, 2016 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that it has completed its previously-announced sale of the two-hotel portfolio comprised of the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36 million ($128,000 per key). Both hotels are located in Palm Desert, CA. On a trailing 12-month basis, the portfolio achieved RevPAR of $92 with occupancy of 74% and Average Daily Rate of $123. The portfolio had an existing debt balance of approximately $24 million that was assumed by the buyer. After debt assumption and tran...
Ashford Reports Second Quarter 2016 Results; Proposed Combination with Remington Remains on Track
Ashford | August 5, 2016
Aug. 4, 2016 -- Ashford (NYSE MKT: AINC) (the "Company") today reported the following results and performance measures for the second quarter ended June 30, 2016. For the second quarter, the Company has consolidated the financial position and operating results of the private investment funds managed by Ashford Investment Management. The financial impact from this consolidation is adjusted out of the Company's financials through the noncontrolling interests in consolidated entities line items on the Company's income statement and balance sheet. Unless otherwise stated, all reported results compare the second quarter end...
Q3 2015 Financial Reports Round Up: Chatham, Strategic, Belmond, RLJ Lodging, & Ashford et al
November 5, 2015
Chatham Lodging Trust reports third quarter net income of $14.4 million compared to $8.8 million in the year ago quater. Portfolio RevPAR increased 5.3 percent to $146 for Chatham's 38, wholly owned hotels Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 134 hotels wholly or through joint ventures, today announced results for the third quarter ended September 30, 2015. In addition, the company provided initial guidance for the 2015 fourth quarter and updated its 2015 full-year guidance. Highlights: Portfol...
Ashford, Inc. Enters Agreement to Combine with Remington Holdings
Ashford Inc. | September 21, 2015
Transaction Highlights: Transaction values Remington at an estimated EBITDA multiple of 9.4x 916,500 shares of subsidiary nonvoting common stock issued at $100 per share, a premium of 54% to the current market price of Ashford common stock $230 million of subsidiary participating convertible preferred stock convertible at $120 per share, a premium of 85% to the current market price of Ashford common stock Large transformational acquisition with only $625,000 to be paid in cash each quarter for four years Enhances strong alignment of management with the interests of shareholders through issuance of non-voting common equity and conv...
Appointments/People on the Move
All Things Independent
STR, TE Lift U.S. ADR and RevPAR Forecast; Profit Growth To Be Limited
Castle Hospitality Group Announces Retirement of President and CEO Alan Mattson
The St. Joe Company Opens Home2 Suites by Hilton Santa Rosa Beach
Satisfying Customer Expectations: What About Employee Expectations?
As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.