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Ashford drops merger with Remington

Ashford Inc. has dropped its proposed merger with hotel property and project management company Remington Holdings LP after failing to receive an acceptable private letter ruling from the Internal Revenue Service.

The completion of the transaction was subject to the receipt of stockholder approval, an acceptable private letter ruling from the IRS and certain tax opinions, as well as other tax-related conditions.

Ashford is now evaluating whether to buy only Remington's project management business, which would not require a private letter ruling. The company has formed a special board committee to evaluate a possible transaction, according to a press release, but it did not set a definitive timetable for that evaluation and gave no assurance that the transaction would materialize.