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.