Ashford To Acquire Remington's Hotel Management Business - Quick Facts
(RTTNews) - Ashford Inc. (AINC) said it will acquire Remington's Hotel Management business for a purchase price of $275 million, payable by the issuance of Series D Convertible Preferred Stock. The deal will result in all Ashford-affiliated companies being publicly held. After the acquisition, the company will add hotel property management to its hotel-related businesses. Ashford expects it to be immediately accretive to adjusted net income per share.
Remington is an independent hotel management company. Remington's Hotel Management business currently provides hotel management services for Ashford Hospitality Trust, Inc. and Braemar Hotels & Resorts, Inc.
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