SnowPark Capital has amassed a 4.6% stake in AshfordHospitality Prime Inc. and is encouraging the company to pursue stockbuybacks, a representative of the firm said April 27.
In anemailed statement, Jeffrey Pierce, managing partner of Snow Park, said: "AshfordPrime is a very simple company with 12 high quality hotel assets and we believeits NAV is north of $20 per share. We encourage the company to expeditiously executeits $50 million buy-back planto take advantage of its depressed trading price."
AshfordHospitality Prime is embroiledin a proxy battle with a different activist investor, Sessa Capital, which is seekingto replace its board. Another group of investors has floated the idea of taking the company private.
In astatement emailed to Reuters, Ashford Hospitality Prime said: "We welcome SnowPark's support and constructive input, and agree that executing on our recentlyannounced share repurchase plan is the most strategic way to maximize value forall of our shareholders."