Ashford Inc. closed its purchase of the project management business of Remington Holdings LP.

The asset manager said the $203 million transaction was approved at a special shareholder meeting Aug. 7. More than 87% of the Ashford shares represented at the meeting were voted in favor of the deal, and the shares voted in favor represent more than 78% of Ashford's total outstanding shares, the company said.

Ashford said the income from the newly acquired business is a key component of its enhanced return funding program with Ashford Hospitality Trust Inc., with the program contingent on the closing of this acquisition.

Remington is a hotel property and project management company owned by Ashford Chairman and CEO Monty Bennett and his father Archie Bennett Jr.