Ashford Hospitality expects to complete Ashford Prime spin-off in Q4

theflyonthewall.com

Earlier this year, Ashford Hospitality's board approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 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, a newly formed company to which Ashford Trust plans to transfer the portfolio interests. This distribution will be made on a pro rata basis to holders of Ashford Trust common stock as of the distribution record date. The company currently expects to complete the for federal income tax purposes, and has filed an application to list its shares of common stock on the New York Stock Exchange, under the symbol "AHP."

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