MLV Closes $65M 144A Convertible Preferred Stock Private Offering for Ashford Hospitality Prime, Inc. as Sole Agent

MLV & Co. Announces $65 Million 144A Convertible Preferred Stock Private Offering for Ashford Hospitality Prime, Inc.

NEW YORK, June 16, 2015 /PRNewswire/ — MLV & Co. (MLV) announced it has closed a $65 million offering of 5.5% Series A Cumulative Convertible Preferred Stock (Series A Preferred Stock) for Ashford Hospitality Prime, Inc. (Ashford Prime) – a real estate investment trust (REIT). In the offering, Ashford Prime sold an aggregate of 2,600,000 shares of its Series A Preferred Stock in a private placement for aggregate gross proceeds of $65 million pursuant to exemptions from the Securities Act of 1933 under Rule 144A and Regulation D. Ashford Prime is using the net proceeds from the transaction to finance the acquisition of the Bardessono Inn & Spa in Yountville, California, in the Napa Valley region. MLV served as sole initial purchaser and placement agent for the offering.

“We believe that this unique investment structure will be helpful to Ashford Prime in continuing to lower its cost of capital and to grow accretively. The fact that this investment was 100% subscribed by a high quality fundamental investor shows tremendous support and confidence in Ashford Prime’s management and their strategy,” said Patrice McNicoll, Chief Executive Officer of MLV.

Ashford Prime is a real estate investment trust focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway and resort markets.

MLV is an independent full service investment bank and institutional broker dealer. MLV is focused on providing creative capital raising solutions to growth-oriented companies in healthcare, real estate, financials, energy & natural resources, technology and other “capital-intensive” sectors. MLV is a member of FINRA, NASDAQ and SIPC.