DALLAS, June 3, 2016--Ashford Hospitality Prime, Inc., (NYSE: AHP) ("Ashford Prime" or the "Company") today announced that a three-judge panel of the United States Court of Appeals for the Fifth Circuit denied Sessa Capital's ("Sessa") "emergency" motion to postpone the June 10, 2016 annual meeting pending Sessa's appeal. As a result of this ruling, the District Court's decision will stand pending the appeal, and (i) Sessa's slate of candidates remains invalid and ineligible to stand for election to Ashford Prime's board at the 2016 annual meeting, (ii) Sessa, or any person acting in active concert with Sessa, is enjoined from submitting Sessa's candidates to Ashford Prime's shareholders for election to the board at the 2016 annual meeting; and (iii) Sessa, or any person acting in active concert with Sessa, is enjoined from soliciting proxy votes for Sessa's candidates or distributing any proxy materials regarding Sessa's candidates. Accordingly, the Company continues to urge stockholders to discard any proxy materials received from Sessa and vote on the Company's GOLD proxy card.
Monty J. Bennett, Ashford Prime's Chairman and Chief Executive Officer stated, "We are pleased that the court of appeals did not agree to Sessa's requests to upend the District Court's well-reasoned opinion or block our shareholder meeting." Bennett continued, "We look forward to holding the shareholder meeting on schedule without further distractions from Sessa and getting on with the business of creating value for all of Ashford Prime's shareholders."
The Company's 2016 annual shareholder meeting is scheduled for Friday, June 10, 2016 beginning at 9:00 A.M. Central time, at the Dallas Embassy Suites located at 14021 Noel Road, Dallas, Texas 75240.
Ashford Prime has retained Cadwalader Wickersham & Taft LLP as legal counsel. Moelis & Company LLC is acting as financial advisor to Ashford Prime in connection with Sessa's proxy contest.
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