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Ashford Inc. (NYSE Mkt: AINC) is a publicly traded third-party asset manager and service provider to the hospitality industry, managing over $6 billion in assets. Ashford Inc. serves as the external manager for Ashford Hospitality Prime (NYSE: AHP) and Ashford Hospitality Trust (NYSE: AHT). Ashford Hospitality Prime focuses on high RevPAR luxury, upper upscale, and upscale hotels in gateway and resort locations, whereas Ashford Hospitality Trust invests opportunistically in full-service upscale hotels with RevPAR generally less than twice the U.S. national average.
Ashford Inc. operates in various segments including Advisory, Remington, Premier, INSPIRE, RED, and OpenKey. The Advisory segment provides asset management and advisory services. Remington offers hotel management services and is the company's largest revenue generator. The INSPIRE segment offers event technology and creative communication solutions. Additionally, Ashford Inc. generates most of its revenue from the U.S. while maintaining a presence in Mexico and other countries.
Recent achievements include significant capital raises by Ashford Securities, a wholly-owned subsidiary of Ashford Inc., which has raised over $500 million within two years. The company also continues to manage high-profile broker-dealer and RIA relationships, expanding its market reach in the investment community.
Financially, Ashford Inc. faces challenges, including a stockholder deficit of $295.7 million as of September 30, 2023. However, it remains compliant with NYSE American listing standards and has a plan to regain compliance fully by June 2025. The company continues to engage with the market through regular earnings releases and conference calls, providing updates on its financial performance and strategic initiatives.
Read more about their compliance efforts and the latest earnings releases.
Ashford Inc. (NYSE American: AINC) has announced the effectuation of its previously planned reverse stock split and forward stock split on July 29, 2024. This move is part of the company's strategy to delist from the NYSE American stock exchange and deregister its common stock under the Securities Exchange Act of 1934. The transaction involved a 1-for-10,000 reverse stock split followed immediately by a 10,000-for-1 forward stock split, resulting in 2,066,860 shares outstanding. The NYSE American has filed a Form 25 with the SEC to remove Ashford's common stock from listing and deregister it. Ashford intends to terminate its registration under the Exchange Act and cease reporting as a public company.
Ashford Inc. (NYSE American: AINC) announced that stockholders approved a 1-for-10,000 reverse stock split followed by a 10,000-for-1 forward stock split at a Special Meeting on July 22, 2024. The company will terminate registration of its common stock and delist from NYSE American. Stockholders with fewer than 10,000 shares will receive $5.00 per share in cash, while those with 10,000 or more shares will retain their holdings. The last trading day on NYSE American will be July 26, 2024, with the splits effective on July 29, 2024.
Ashford aims to save approximately $2,500,000 annually by going private, avoiding public reporting costs and focusing on growth and long-term stockholder value. Cash payments to eligible stockholders are expected around August 7, 2024.
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