Ashford Inc. formed Ashford Securities LLC to raise capital in order to grow its existing and future platforms.
Following registration with the Financial Industry Regulatory Authority and other regulators, Ashford Securities will be a dedicated capital-raising platform to fund investment opportunities sponsored and asset-managed by Ashford. It is expected to begin raising capital in the first half of 2020. Types of capital raised may include preferred equity, convertible preferred equity, mezzanine debt, or non-traded real estate investment trust common equity.
Ashford noted in a filing that Ashford Securities is not raising common equity for the company nor for its existing advised platforms of Ashford Hospitality Trust Inc. and Braemar Hotels & Resorts Inc.
Jay Steigerwald is Ashford Securities' president and head of distribution. Steigerwald previously served as executive director for W. P. Carey Inc. and president of Carey Financial LLC.
Megan Gavin will lead Ashford Securities' national accounts effort. Gavin's experience includes working as a national accounts manager at Starwood Capital LLC.
Ashford engaged investment banking firm Robert A. Stanger & Co. Inc. as a consultant on the effort.
