Shares of Ashford Hospitality Prime, Inc. (NYSE: AHP) are down about 10% today after the company priced a secondary offering at $12.15 per share.
Ashford Hospitality Prime is looking for some extra cash. The company announced that a secondary offering of 5.75 million shares priced at $12.15 per share. Underwriters also have the option to sell an additional 862,500 shares at the same price within 30 days. It is also in the market to float an additional 1.15 million Series B preferred shares, which yield 5.5% at par.
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