Welcome to our dedicated page for Ashford news (Ticker: AINC), a resource for investors and traders seeking the latest updates and insights on Ashford stock.
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 Securities, a subsidiary of Ashford, raised over $100 million for Braemar Hotels & Resorts through its Series E and Series M Redeemable Preferred Stock Offering. The offering, launched on July 9, 2021, included participation from 44 broker-dealers and institutions. Braemar plans to sell up to $500 million in total preferred stock. Braemar has already acquired two luxury hotels, enhancing its strategy to invest in premium urban and resort markets. C. Jay Steigerwald III highlighted the success of the capital raise within the first year of offering.
Ashford Inc. has enhanced its long-term financial projections, adjusting guidance for 2023 and 2025, while also introducing guidance for 2024 and 2026. The company highlights key growth areas: recovery in the hospitality industry, increase in assets under management, growth in third-party business, and business acquisitions. With 115 hotels under management and a unique position in the hospitality sector, Ashford aims to leverage the industry's recovery. The updated guidance reflects significant optimism about future performance, fueled by a strong lodging market and ongoing growth strategies.
Ashford Inc. (NYSE American: AINC) announced that Jeremy Welter, President and COO, will leave the company effective July 15, 2022. This will also end his roles at Ashford Hospitality Trust (NYSE: AHT) and Braemar Hotels & Resorts (NYSE: BHR). Monty J. Bennett, CEO, acknowledged Welter's significant contributions to maximizing hotel asset value and providing leadership. Ashford, an asset management company, continues to focus on the hospitality sector. The company warns that forward-looking statements carry inherent risks, including ongoing effects from COVID-19 and market volatility.
Ashford has announced the acquisition of Chesapeake Hospitality for an initial consideration of $15.75 million, comprising $6.3 million in cash and $9.45 million in convertible preferred units. The deal could total $26 million if performance targets are met, potentially contributing $5.3 million to EBITDA in 2024. This acquisition enhances Remington Hotels' management scale, diversifies its client base, and expands its presence in key Midwestern markets. Chesapeake adds notable assets, including the Showboat Atlantic City, increasing Remington's third-party hotel management from 20% to 40%.
Ashford announced a cash dividend of $0.932 per share for its Series D Convertible Preferred Stock, representing approximately 50% of accrued dividends for the quarters ending June 30, 2020, and December 31, 2020. The dividends will be paid on April 15, 2022. Chairman and CEO Monty J. Bennett expressed optimism about the company's future, hoping to pay the remaining accrued dividends in 2023, contingent on the lodging industry's recovery.
Ashford Inc. (NYSE American: AINC) announced its first quarter earnings release scheduled for after market close on May 4, 2022. A conference call will be held on May 5, 2022, at 12:00 p.m. ET, accessible via telephone and streamed live on the company’s website. The call will focus on the company’s performance for the quarter ending March 31, 2022.
Ashford specializes in alternative asset management, particularly in the real estate and hospitality sectors, providing investment and asset management services.
Ashford Inc. announced a favorable settlement of a lawsuit involving Ashford Hospitality Trust against Cygnus Capital and other defendants. The terms include a payment exceeding $1 million and the transfer of 150,000 shares of Ashford Trust stock to a charitable trust. The lawsuit claimed that Cygnus violated federal securities laws by forming an undisclosed stockholder group exceeding the 9.8% ownership limit. Ashford's CEO stated this outcome will allow them to focus on maximizing shareholder value and mitigating costs caused by the attempted takeover.
Ashford Securities, a subsidiary of Ashford, reported sales of $17.4 million in January 2022 for its Series E and M Redeemable Preferred Stock offerings by Braemar Hotels & Resorts. This strong performance was driven by institutional investors contributing approximately $15 million. Since its launch on July 9, 2021, Braemar has sold over $58 million of these stocks. Ashford Securities is backed by a syndicate of 26 broker-dealers and RIA firms, indicating solid interest in the investment products.
Ashford announced the conclusion of an SEC investigation into the company, stating that the SEC enforcement staff does not intend to recommend any action against Ashford, Braemar Hotels & Resorts, and Ashford Hospitality Trust. This investigation's closure is a significant relief for the companies, affirming their compliance with regulatory standards. Ashford operates in alternative asset management, focusing on real estate and hospitality sectors, providing various asset and investment management services.
Ashford Hospitality Trust (AHT) announced that the SEC has concluded its investigation without recommending any action against the company. Braemar Hotels & Resorts Inc. (BHR) and Ashford Inc. (AINC) also received similar notifications from the SEC. This marks a significant relief for these companies, particularly for AHT, which focuses on investing in upper upscale, full-service hotels. The announcement may positively influence investor sentiment, as regulatory uncertainties have been resolved.
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