Ashford Prime Confirms Receipt The Weisman Group Proposal

Ashford Hospitality Prime, Inc. AHP confirmed Wednesday it received an unsolicited proposal from The Weisman Group, an investment firm based in Sherman Oaks, California, to acquire the Company's assets.

Ashford Hospitality said that its, as well as the management team were committed to acting in the best interest of all Ashford Prime stockholders. The company added that consistent with its fiduciary responsibilities, its board, in consultation with its independent financial and legal advisors, would carefully review and evaluate The Weisman Group's proposal to determine the course of action that the Board of Directors believes serves the best interest of the Company and its stockholders.

Ashford Prime is a real estate investment trust (REIT) firm focused on investing in luxury hotels located in resort and gateway markets.

The stock traded 32.4 percent higher on Wednesday.