Ashford HospitalityPrime Inc. is looking for a new leader.
The company said it is seeking to replace Monty Bennett as CEO.Bennett is expected to continue to serve as board chairman. The board is also interviewingdirector candidates and plans to add one or more independent directors.
If the current directors are re-elected at the upcoming shareholdermeeting, Ashford Hospitality Prime expects the new CEO and new independent directorswould join the company after the meeting.
The company has faced opposition from investors in recent monthsand fielded sharp questions from the analyst community during a May 5 . It concluded its reviewof strategic alternativesin early April, announcing that it decided not to sell the company and instead employstructural changes and pursue longer-term initiatives.
Further to those efforts, Ashford Hospitality Prime announcedthat it signed a nonbinding letter of intent to sell Marriott Courtyard SeattleDowntown. The deal is subject to the signing of definitive documentation and othercustomary closing conditions.