DALLAS—Ashford Hospitality Prime Inc. will change its name to Braemar Hotels & Resorts, effective on April 24.
Rebranding Ashford Hospitality Prime to Braemar Hotels & Resorts marks a key milestone in the company’s strategy to focus exclusively on owning luxury hotels and resorts in order to capitalize on the long-term superior performance of that segment of the lodging industry, according to the company. Since revealing the revised strategy in early 2017, the company has made progress in rationalizing its non-core portfolio and acquiring three luxury hotels—The Hotel Yountville in Napa Valley, CA; The Park Hyatt in Beaver Creek, CO; and The Ritz-Carlton in Sarasota, FL. Currently, the company reports that it has the highest portfolio RevPAR of any publicly traded lodging REIT, and has the highest-quality hotel portfolio in the public markets.
“We are excited to introduce Braemar Hotels & Resorts to further reflect our strategy to focus exclusively on the luxury segment,” said Richard Stockton, president/CEO of Braemar Hotels & Resorts. “This rebranding marks an important step to better differentiate ourselves as a high-RevPAR lodging REIT and aligns with our mission to continue to maximize shareholder value.”
The name Braemar pays homage to the Braemar Castle in Scotland and reinforces Braemar’s relationship with the Ashford group of companies, as the name Ashford was originally selected based on a castle in Ireland. Additionally, the Braemar Castle signifies luxury, strength and stability, which highlights the company’s continued commitment to serve as the protector of capital for its shareholders and dedication to maximizing shareholder value, according to the company.
Operating under the new stock ticker BHR, Braemar will continue to be externally advised by Ashford Inc., and will maintain the mutually beneficial relationship with the Ashford group of companies.
The company will launch a new website on Tuesday.