DALLAS, March 20,
2023 /PRNewswire/ -- Ashford Inc. (NYSE
American: AINC) ("Ashford" or the "Company") today announced that
RED Hospitality & Leisure, LLC ("RED"), a leading watersports
and resort services company, has acquired privately-held Alii Nui
and Maui Dive Shop, Maui's premier
luxury catamaran and diving operation.
Alii Nui has developed a reputation of providing the ultimate
Maui luxury sailing and watersport
experience with offerings including sunset sails, dinner cruises,
scuba lessons, snorkeling and whale-watching excursions and was
recently ranked #1 in Maui and #10
in Hawaii for the Best Tour
Company in 2023 by USA Today's
10BEST. Alii Nui is also the on-property provider of scuba
programming to The Grand Wailea Resort, Maui, and has carved a niche in the Hawaiian
watersport market by delivering unmatched service standards over
the last four decades.
RED intends to expand the Alii Nui fleet in 2023 with an
additional vessel, and the acquisition follows RED's proven track
record of successfully acquiring and expanding high-quality
providers in niche, high-barrier, luxury markets. The transaction
also expands RED's geographic footprint into the premier
Maui market and geographically
diversifies its revenue stream. By establishing a foothold in this
coveted market, RED is well-positioned to continue to grow its
business in Hawaii.
"I'm thrilled to welcome Alii Nui and Maui Dive Shop into the
RED family of companies," commented Chris
Batchelor, RED's Chief Executive Officer. "Alii Nui and Maui
Dive Shop will join Cruz Bay Watersports, Sebago Watersports, Lady
Lynsey Luxury Excursions and Lady Grace Luxury Excursions as part
of our expanding, best-in-class portfolio. Our entrance into the
Hawaii market is a material step
forward for RED. The pent-up demand for exceptional watersports and
excursion experiences continues to grow and we are very excited to
be part of the future of this attractive destination."
Please visit www.experiencered.com to learn more about RED
Hospitality and Leisure.
Ashford is an alternative asset management company with a
portfolio of strategic operating businesses that provides global
asset management, investment management and related services to the
real estate and hospitality sectors.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking statements. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Ashford Inc.'s control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to maintain compliance with NYSE American
LLC continued listing standards; our ability to regain Form S-3
eligibility; our ability to repay, refinance or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully discussed
in the Company's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider this risk when you make an investment decision concerning
our securities. Investors should not place undue reliance on these
forward-looking statements. The Company can give no assurance that
these forward-looking statements will be attained or that any
deviation will not occur. We are not obligated to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or circumstances, changes in
expectations, or otherwise, except to the extent required by
law.
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SOURCE Ashford Inc.