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Strong Buy (3.50 out of 4)
100th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Saturday, April 17, 9:27 AM
Slide #184. Ashford Hospitality Prime, Inc. — Preferred Stock Offering
| Company: |
Ashford Hospitality Prime, Inc. (AHP) |
| Date announced: |
3/1/2017 |
| Shares Offered: |
1,975,500 |
| Date of Pricing: |
3/2/2017 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today that it has commenced concurrent underwritten public offerings of 1,150,000 shares of 5.50% Series B Cumulative Convertible Preferred Stock (the "Preferred Stock") and 5,750,000 shares of the Company's common stock, par value $0.01 per share (the "Common Stock"). Dividends on the Preferred Stock will accrue at a rate of 5.50% on the liquidation preference of $25.00 per share. The Company expects to grant the underwriters of the offerings a 30-day option to purchase up to an additional 172,500 shares of Preferred Stock and 862,500 shares of Common Stock. The offerings are subject to market and other conditions. -updated 3/2- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today that it has priced its underwritten public offering of 1,975,500 shares of 5.50% Series B Cumulative Convertible Preferred Stock (the "Preferred Stock") at a price to the public of $20.19 per share, which includes accrued and unpaid dividends since January 15, 2017. Dividends on the Preferred Stock will accrue at a rate of 5.50% per annum on the liquidation preference of $25.00 per share. Settlement of the offering is expected to occur on or about March 7, 2017. The underwriters have been granted an option to purchase an additional 296,250 shares as part of this offering. |
Braemar Hotels & Resorts is an externally-advised real estate investment trust. Co. operates in the direct hotel investment segment of the hotel lodging industry. As of Feb. 24, 2017, Co. owned interests in 11 hotels in six states, the District of Columbia and St. Thomas, U.S. Virgin Islands comprising 3,702 total rooms, or 3,467 net rooms, excluding those attributable to Co.'s joint venture partner. The hotels in Co.'s portfolio are predominantly located in U.S. gateway and resort locations with favorable growth characteristics resulting from multiple demand generators. Preferred: AHP.PRB
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