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Ashford logs $4.1M in business interruption income for 2 properties in Q4'17

Hotel real estate investment trust Ashford Hospitality Prime Inc. logged $4.1 million in business interruption income in the 2017 fourth quarter due to lost profits in two properties for the September to November period.

The lost profits were recorded in the company's Ritz-Carlton St. Thomas resort and the Pier House Resort & Spa, which were physically damaged by Hurricane Irma.

Also in the 2017 fourth quarter, operations at the Bardessono Hotel & Spa and the Hotel Yountville in Yountville, Calif., were affected by the Northern California wildfires that resulted in lost profits for the properties during the fourth quarter. Due to the lost profit from these two properties, Ashford Hospitality expects to record $2.3 million in business interruption income in the first quarter.