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Ashford Hospitality Prime prices 'small' preferred-stock offering

Ashford HospitalityPrime Inc. priced its underwritten public offering of 290,850 shares of series B cumulative convertiblepreferred stock at $17.24 apiece.

The company said dividends on the preferred stock, which includesaccrued and unpaid dividends since April 15, will accrue at a 5.50% rate on theliquidation preference of $25.00 per share.

The offering is anticipated to close April 29.

Ashford Hospitality Prime conducted the offering due to a contractualobligation related to its June 2015 initial private placement of $65 million of series A cumulative convertiblepreferred stock, which was later exchanged for series B cumulative convertible preferredstock. The "small capital raise" is meant to allow the company to listthe preferred stock on the NYSE in satisfaction of this obligation.

The hotel REIT, as disclosed earlier, will use the net proceedsfor general corporate purposes, which may include repurchasing common shares undera $50 million stock-repurchase program announced by the company in line with therecent conclusion of its strategic review.

FBR Capital Markets & Co. served as the sole book runnerfor the offering.