Ashford Hospitality Readies for "Prime" Spinoff

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.