Ashford Prime's Renaissance Tampa International Plaza Hotel Named Among
Florida's Leading Hotels In Conde Nast Traveler
Ashford Prime Luxury Hotel Ranked #18 in Florida, the only Tampa Bay area
hotel ranked among Florida's finest in Conde Nast Traveler's 2013 Readers'
DALLAS, Oct. 22, 2013
DALLAS, Oct.22, 2013 /PRNewswire/ --Ashford Hospitality Trust, Inc. (NYSE:
AHT) ("Ashford Trust" or the "Company") today announced that its Renaissance
Tampa International Plaza Hotel has been named in Conde Nast Traveler's annual
Readers' Choice Awards for Best Hotels in Florida, released in the November
2013 issue. The Renaissance is one of the initial hotels to be included in
the planned spin-off of Ashford Hospitality Prime, Inc. ("Ashford Prime").
Of the 20 Florida properties recognized in the Readers' Choice Awards, the
Renaissance Tampa International Plaza was the only Tampa Bay area hotel ranked
among Florida's finest. It tied with the Grand Bohemian in Orlando and Island
City House in Key West.
"We are honored to be recognized in Conde Nast Traveler's 2013 Readers' Choice
Awards as one of the leading hotels in Florida by offering our guests an
exceptional experience during their stay with us," said Monty J. Bennett,
Ashford Trust's Chairman and Chief Executive Officer. "This also speaks to
the rationale behind Ashford Prime, to unlock the embedded value in our
highest quality hotel assets. We expect that creating a new platform with a
lower leverage profile and high quality assets will result in a lower cost of
capital for Ashford Prime."
Ashford Prime will have a focused investment strategy targeting high RevPAR
hotels in major markets. It will constitute a new public entity whereby
Ashford Trust will spin-off an 80% ownership interest in an 8-hotel portfolio,
totaling 3,146 rooms (2,912 owned rooms), to holders of the Company's common
stock in the form of a taxable special distribution expected to be comprised
of common stock in Ashford Prime. The Company currently expects to complete
the spin-off during the fourth quarter of this year. Additional information
can be found in the information statement for Ashford Hospitality Prime that
has been filed with the SEC.
The Four Diamond-rated Renaissance Tampa International Plaza hotel is located
at 4200 Jim Walter Blvd. in Tampa, Florida. The 293-room full service hotel
features the award-winning Pelagia Trattoria restaurant, a fitness center,
outdoor pool and 12,500 square feet of meeting space. Year to date, the hotel
has previously been honored with the following awards:
o2013 TripAdvisor Certificate of Excellence
o2013 Tampa Bay's Top Workplaces by Tampa Bay Times
o2013 U.S. News & World Report's "Best Hotels in the USA"
The Conde Nast Traveler Readers' Choice Survey, begun in 1988, is available
through a secure Web site at condenasttraveler.com/vote. This year's
tabulations of 79,268 responses were done by Equation Research. Organization:
The questionnaire contains lists of candidates in various categories (Cities,
Hotels, etc.). Candidates must receive a required minimum number of responses
to be eligible for a Readers' Choice Award. Evaluation: Individual candidates
are judged on a set of criteria relevant to their category, based on a
standard five-point scale: excellent, very good, good, fair, and poor. The
percentage of excellent and very good ratings determines the final score
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on
investing opportunistically in the hospitality industry across all segments
and at all levels of the capital structure primarily within the United States.
Ashford Hospitality Prime will be a conservatively capitalized real estate
investment trust (REIT) focused on investing in high RevPAR full-service and
urban select-service hotels located predominantly in domestic and
international gateway markets.
Follow Chairman and CEO Monty Bennett on Twitter at
www.twitter.com/MBennettAshford or @MBennettAshford.
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 Ashford'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; the degree
and nature of our competition; the satisfaction of the conditions to the
completion of the spin-off; and the estimated timing of completion. These and
other risk factors are more fully discussed in Ashford'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
SOURCE Ashford Hospitality Trust, Inc.
Contact: David Kimichik, Chief Financial Officer, (972) 490-9600, Deric
Eubanks, SVP - Finance, (972) 490-9600, Elise Chittick, Investor Relations,
(972) 778-9487; or Scott Eckstein, Financial Relations Board, (212) 827-3766
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