MoFo is representing Janney Montgomery Scott LLC, which is serving as financial advisor to a special committee of independent directors established by the Board of Directors of Ashford Inc. (NYSE: AINC). The special committee analyzed, negotiated, and recommended a transaction announced by Ashford today. Ashford, which provides global asset management, investment management, and related services to the real estate and hospitality sectors, has signed a definitive agreement to acquire the Hotel Management business of privately-held Remington Holdings, LP. The transaction, which is expected to close sometime in the fourth quarter of 2019, is subject to approval by Ashford’s stockholders, the receipt of an acceptable Private Letter Ruling from the Internal Revenue Service, and customary closing conditions.
The MoFo deal team was led by Corporate partner and co-chair of the firm’s REIT practice David Slotkin (Washington D.C.) and Corporate associate Stephanie Ference (New York).
For more information, please see the related press release.