ASHFORD HOSPITALITY PRIME, INC. (NYSE:AHP-B) Files An 8-K Regulation FD Disclosure
ITEM 7.01 REGULATION FD DISCLOSURE
On June 20, 2017, Ashford Hospitality Prime, Inc. (“Ashford
Prime” or the “Company”) announced that it has entered into an
agreement with Marriott to convert its Courtyard Philadelphia
Downtown hotel (the Courtyard Philadelphia) to an Autograph
Collection property. Additionally, the Company announced that it
has begun marketing for sale its Marriott Plano Legacy hotel (the
Marriott Plano). These announcements are consistent with the
Companys refined strategy to either reposition or
opportunistically sell its non-core hotels.
Prime” or the “Company”) announced that it has entered into an
agreement with Marriott to convert its Courtyard Philadelphia
Downtown hotel (the Courtyard Philadelphia) to an Autograph
Collection property. Additionally, the Company announced that it
has begun marketing for sale its Marriott Plano Legacy hotel (the
Marriott Plano). These announcements are consistent with the
Companys refined strategy to either reposition or
opportunistically sell its non-core hotels.
The agreement with Marriott calls for the Courtyard Philadelphia
to be converted to an Autograph hotel by June 30, 2019 to a
conversion Product Improvement Plan (PIP) currently estimated to
be approximately $23 million – including updates to the
guestrooms, guest bathrooms, corridors, lobby, restaurant, and
meeting space – which will create a distinctive theme and >
to be converted to an Autograph hotel by June 30, 2019 to a
conversion Product Improvement Plan (PIP) currently estimated to
be approximately $23 million – including updates to the
guestrooms, guest bathrooms, corridors, lobby, restaurant, and
meeting space – which will create a distinctive theme and >
The Company also announced that it is listing its Marriott Plano
hotel for sale and has engaged Holiday Fenoglio Fowler (HFF) to
market the property to potential buyers. The sales effort was
officially launched at the NYU Hospitality Investment Conference
during the first week of June.
hotel for sale and has engaged Holiday Fenoglio Fowler (HFF) to
market the property to potential buyers. The sales effort was
officially launched at the NYU Hospitality Investment Conference
during the first week of June.
A copy of this press release is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
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Exhibit Number
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Description
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99.1
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Press release, dated June 20, 2017
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Ashford Hospitality Prime, Inc. ExhibitEX-99.1 2 ahpcyphillyconvpr.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1NEWS RELEASEContact:Deric EubanksJordan JenningsJoe Calabrese Chief Financial OfficerInvestor RelationsFinancial Relations Board (972) 490-9600(972) 778-9487(212) 827-3772ASHFORD PRIME ANNOUNCES FURTHER PROGRESS ON NON-CORE HOTELS STRATEGYAnnounces Agreement to Convert Courtyard Philadelphia to Marriott’s Autograph Collection Lists the Marriott Plano Legacy for SaleDALLAS,…To view the full exhibit click here
