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Ashford shareholders OK Remington merger

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According to Market Intelligence, December 2022

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Ashford shareholders OK Remington merger

Ashford Inc. received shareholder approval for the proposals pertaining to the company's merger with Remington Holdings LP at an Oct. 24 special meeting.

Ashford noted that holders of approximately 92% of company shares present and voting at the meeting, representing more than 75% of outstanding voting shares, approved the deal, which Ashford said will give rise to "the only public, pure-play provider of asset and property management services to the lodging industry."

About 87% of shares, excluding shares owned by the Bennett family, present and voting at the meeting approved the merger. Ashford added that approximately 70% of shares, excluding shares owned by Ashford Hospitality Trust Inc., Braemar Hotels & Resorts Inc. and insiders and related parties, present and voting at the meeting approved the proposed tie-up.

The deal is expected to close on or around Nov. 6.