DALLAS, April 23, 2018 /PRNewswire/ -- Braemar
Hotels & Resorts, Inc. (NYSE: BHR) ("Braemar" or "the
Company"), formerly Ashford Hospitality Prime, Inc. (NYSE: AHP),
today announced that it will change its name from Ashford
Hospitality Prime to Braemar Hotels & Resorts, trading under
the New York Stock Exchange ticker symbol BHR, effective before the
market opens on April 24, 2018.
Rebranding Ashford Hospitality Prime to Braemar Hotels &
Resorts marks a key milestone in the Company's strategy to focus
exclusively on owning luxury hotels and resorts in order to
capitalize on the long-term superior performance of that segment of
the lodging industry. Since announcing the revised strategy in
early 2017, the Company has made substantial progress in
rationalizing its non-core portfolio and announced the acquisition
of three world-class luxury hotels – The Hotel Yountville in
Napa Valley, California, The Park
Hyatt in Beaver Creek, Colorado,
and The Ritz-Carlton in Sarasota,
Florida. Currently, the Company has the highest portfolio
RevPAR of any publicly traded lodging REIT, and thus has the
highest quality hotel portfolio in the public markets.
"We are excited to introduce Braemar Hotels & Resorts to
further reflect our strategy to focus exclusively on the luxury
segment," said Richard Stockton,
President & Chief Executive Officer of Braemar. "This
rebranding marks an important step to better differentiate
ourselves as a high-RevPAR lodging REIT and aligns with our mission
to continue to maximize shareholder value."
The name "Braemar" pays homage to the Braemar Castle in
Scotland and reinforces Braemar's
relationship with the Ashford group of companies, as the name
"Ashford" was originally selected based on a castle in Ireland. Additionally, the Braemar Castle
signifies luxury, strength and stability, which highlights the
Company's continued commitment to serve as the protector of capital
for its shareholders and dedication to maximizing shareholder
value.
Operating under the new stock ticker BHR, Braemar will continue
to be externally-advised by Ashford Inc. (NYSE American: AINC) and
will maintain the mutually beneficial relationship with the Ashford
group of companies.
On April 24, 2018, the Company
will be launching a new website at www.bhrreit.com. To learn more
about Braemar Hotels & Resorts, visit www.bhrreit.com to watch
a video of Richard Stockton, CEO,
speak about the background to the rebranding initiative. Braemar
will release its earnings release for the first quarter of 2018
after the market closes on Wednesday, May 2,
2018 and will host a conference call on Thursday, May 3, 2018 at 11:00 a.m. ET.
Braemar Hotels & Resorts is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
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. 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
Braemar'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: general volatility of the capital markets
and the market price of our common stock; changes in our business
or investment strategy; availability, terms and deployment of
capital; availability of qualified personnel; changes in our
industry and the market in which we operate, interest rates or the
general economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, and the degree and
nature of our competition. These and other risk factors are
more fully discussed in Braemar'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. Investors should not place undue reliance on these
forward-looking statements. 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.
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SOURCE Braemar Hotels & Resorts, Inc.; Ashford Hospitality
Prime, Inc.