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Ashford Receives Unsolicited $1.48B Takeover Offer


Weismann Group offered Ashford Hospitality Prime a $753M buyout yesterday, according to a regulatory filing today.

The deal would value the company 79% more than its Tuesday closing market cap, and amounts to $1.48B including the debt involved, Bloomberg reports.

Ashford has been embroiled in a fight with shareholder and activist investor Sessa Capital for control of the board recently, the latter criticizing the REIT’s contract with its adviser, Ashford Inc.

Ashford Hospitality Prime completed a strategic review in April, and says it will carefully review Weisman’s unsolicited offer. [Bloomberg]