Ashford Prime Launches Public Offering Of 8 Mln Shares

(RTTNews) - Ashford Hospitality Prime, Inc. (AHP) said Tuesday that it has commenced an underwritten public offering of 8 million shares of common stock.

The company expects to grant the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock.

Ashford Prime said it plans to use the net proceeds of the offering to acquire the Sofitel Chicago Water Tower and the Pier House Resort, and for general corporate purposes and working capital, including the acquisition of additional properties in the ordinary course of business.