In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Ashford Hospitality Prime Inc. (CVE:AHP) reported that Raging Capital Management has picked up 3,161,180 of common stock as of 2017-03-06.
The acquisition brings the aggregate amount owned by Raging Capital Management to a total of 3,161,180 representing a 4.2% stake in the company.
For those not familiar with the company, Ashford Hospitality Prime, Inc. invests in high revenue per available room (RevPAR), luxury, upper-upscale and upscale hotels in gateway and resort locations. The Company conducts its business and owns all of its assets through its operating partnership, Ashford Hospitality Prime Limited Partnership. It operates in the direct hotel investment segment of the hotel lodging industry. It owns interest in over 15 hotels in approximately six states, the District of Columbia and St. Thomas, the United States Virgin Islands with over 3,950 total rooms, excluding those attributable to its partner. The hotels in its portfolio are located in the United States gateway and resort locations. The Company owns over 10 of its hotel properties directly, and the remaining hotel properties through an investment in a majority-owned consolidated entity. All of the hotels in the Company’s portfolio are asset-managed by Ashford Hospitality Advisors LLC.
A glance at Ashford Hospitality Prime Inc. (CVE:AHP)’s key stats reveals a current market capitalization of 287.49 million based on 26.03 Million shares outstanding and a price at last close of $11.05 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2014-06-06, Rinaldi picked up 800 at a purchase price of $16.87. This brings their total holding to 8,000 as of the date of the filing.
On the sell side, the most recent transaction saw Kessler unload 2,441 shares at a sale price of $15.00. This brings their total holding to 101,294.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Ashford Hospitality Prime Inc. (CVE:AHP) as things move forward to see if its progress aligns with these transactions.
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