Ashford Hospitality Trust, Inc. (AHT) to Spin Off Portfolio of 8 Luxury Hotels

In addition to the eight initial properties, Prime will also enter into option agreements with Ashford Trust to acquire the Pier House Resort in Key West, Fla., and the Crystal Gateway Marriott in Crystal City, Va. Ashford Prime will have the right to exercise the Marriott option for a period of 12 months following a six-month lockout, while the Pier House Resort option may be exercised for a period of 18 months after the date of the distribution.

Ashford Hospitality Trust, Inc. (NYSE:AHT) will also enter into a right-of-first-offer agreement with Ashford Prime regarding certain other hotels that it currently owns that satisfy the investment criteria of Ashford Prime.

Bank of America Merrill Lynch served as financial advisor to Ashford Trust in connection with the spinoff.

The article Ashford Hospitality to Spin Off Portfolio of 8 Luxury Hotels originally appeared on Fool.com and is written by Rich Duprey.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Bank of America.

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