Ashford Hospitality Prime To Buy Back Up To $100 Mln Stock - Quick Facts

(RTTNews) - Ashford Hospitality Prime, Inc.'s (AHP) board has authorized a share repurchase program to purchase up to $100 million of the company's common stock. This repurchase program is likely to begin two business days after the company reports its third quarter 2014 earnings, which is slated for Thursday, October 30th.

Further, the company said it would look to sell the Courtyard Downtown Philadelphia and potentially other hotels in the Ashford Prime portfolio with the intention to use the net proceeds to fund the repurchase program.

Ashford Prime's Chairman and Chief Executive, commented: "We believe that the public market continues to value the Ashford Prime portfolio at a discount to its private market value, and that selling lower RevPAR hotels and using the proceeds to buyback our common stock will result in significant value creation for our shareholders. We also reaffirm our plan to achieve a 5.0x or lower net debt-to-EBITDA by the end of 2015."

Ashford Hospitality Prime is a conservatively capitalized real estate investment trust or REIT focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets.