DALLAS-In preparation for its previously announced spin-off of Ashford Hospitality Prime, Ashford Hospitality Trust Inc. has begun trading shares of Ashford Prime common stock and Ashford Trust common stock on a "when issued" basis on the New York Stock Exchange. The REIT will continue offering these shares (under the symbols AHP WI and AHT WI) through Nov. 19, the distribution date. Ashford Prime's "official" trading date is Nov. 20, when the spin-off common stock will trade under the symbol AHP.

Shares of Ashford Trust common stock trading in the "regular-way" market under the symbol AHT will continue to trade, with an entitlement to shares of common stock of Ashford Prime distributed pursuant to the spin-off up to the distribution date. On the distribution date, each Ashford Trust stockholder will receive one share of Ashford Prime common stock for every five shares of Ashford Trust common stock held by the record date.

Immediately following the spin-off, there will be approximately 24.9 million shares of Ashford Prime common stock and partnership units outstanding. This will be comprised of approximately 16.1 million shares of Ashford Prime common stock and 8.8 million partnership units, which includes the partnership units issued to Ashford Trust reflecting its 20% ownership in Ashford Prime's operating partnership.

Ashford Trust shareholders who sell shares of Ashford Trust common stock in the "regular-way" market up to and including the distribution date will sell their right to receive shares of the common stock of Ashford Prime in the spin-off. Shares that trade in the "ex-distribution" market will trade without an entitlement to shares of the common stock of Ashford Prime distributed pursuant to the spin-off. A purchaser of Ashford Trust common stock after the close of business on the Record Date who purchases those shares in the "ex-distribution" market up to and including the Distribution Date will not receive the shares of common stock of Ashford Prime distributed with respect to those shares of Ashford Trust common stock.

Ashford Hospitality Prime will be a conservatively capitalized real estate investment trust focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets. Hotels currently in the Ashford Hospitality Prime portfolio are:

  • The 358-room Marriott Seattle Waterfront; Seattle, WA
  • The 250-room Seattle Courtyard; Seattle, WA
  • The 405-room San Francisco Courtyard; San Francisco
  • The 394-room Hilton Torrey Pines; San Diego
  • The 404-room Marriott Plano Legacy; Plano, TX
  • The 293-room Tampa Renaissance; Tampa
  • The 544-room Capital Hilton; Washington, DC
  • The 498-room Philadelphia Courtyard; Philadelphia

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