Intrinsic value of Ashford Hospitality Prime - AHP

Previous Close

$8.97

  Intrinsic Value

$3.24

stock screener

  Rating & Target

str. sell

-64%

Previous close

$8.97

 
Intrinsic value

$3.24

 
Up/down potential

-64%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as AHP.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AHP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Ashford Hospitality Prime (AHP) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.00
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  406
  438
  472
  507
  544
  582
  621
  662
  705
  749
  795
  843
  893
  946
  1,000
  1,057
  1,116
  1,178
  1,243
  1,311
  1,382
  1,456
  1,533
  1,615
  1,700
  1,789
  1,882
  1,980
  2,082
  2,189
  2,302
Variable operating expenses, $m
 
  381
  410
  441
  473
  505
  540
  575
  612
  651
  691
  733
  776
  822
  869
  918
  970
  1,024
  1,080
  1,139
  1,201
  1,265
  1,332
  1,403
  1,477
  1,554
  1,635
  1,720
  1,809
  1,903
  2,000
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  361
  381
  410
  441
  473
  505
  540
  575
  612
  651
  691
  733
  776
  822
  869
  918
  970
  1,024
  1,080
  1,139
  1,201
  1,265
  1,332
  1,403
  1,477
  1,554
  1,635
  1,720
  1,809
  1,903
  2,000
Operating income, $m
  45
  57
  62
  66
  71
  76
  81
  87
  92
  98
  104
  110
  117
  124
  131
  138
  146
  154
  163
  172
  181
  191
  201
  212
  223
  234
  247
  259
  273
  287
  302
EBITDA, $m
  91
  107
  115
  124
  133
  142
  152
  162
  172
  183
  194
  206
  218
  231
  244
  258
  273
  288
  304
  320
  337
  356
  375
  394
  415
  437
  460
  484
  509
  535
  562
Interest expense (income), $m
  38
  36
  39
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  109
  115
  122
  129
  136
  143
  151
  160
  168
  177
  187
  197
  207
  218
Earnings before tax, $m
  26
  21
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
Tax expense, $m
  2
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
Net income, $m
  19
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,257
  1,221
  1,315
  1,413
  1,515
  1,620
  1,730
  1,844
  1,963
  2,086
  2,215
  2,349
  2,488
  2,634
  2,786
  2,944
  3,109
  3,282
  3,463
  3,651
  3,849
  4,055
  4,271
  4,497
  4,734
  4,982
  5,242
  5,514
  5,800
  6,099
  6,412
Adjusted assets (=assets-cash), $m
  1,130
  1,221
  1,315
  1,413
  1,515
  1,620
  1,730
  1,844
  1,963
  2,086
  2,215
  2,349
  2,488
  2,634
  2,786
  2,944
  3,109
  3,282
  3,463
  3,651
  3,849
  4,055
  4,271
  4,497
  4,734
  4,982
  5,242
  5,514
  5,800
  6,099
  6,412
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  1,076
  1,162
  1,251
  1,344
  1,441
  1,541
  1,646
  1,754
  1,867
  1,985
  2,107
  2,234
  2,367
  2,506
  2,650
  2,801
  2,958
  3,122
  3,294
  3,474
  3,661
  3,858
  4,063
  4,279
  4,504
  4,740
  4,987
  5,246
  5,518
  5,802
  6,100
Working capital, $m
  0
  -137
  -148
  -159
  -170
  -182
  -194
  -207
  -221
  -234
  -249
  -264
  -280
  -296
  -313
  -331
  -349
  -369
  -389
  -410
  -432
  -456
  -480
  -505
  -532
  -560
  -589
  -620
  -652
  -685
  -721
Total debt, $m
  765
  837
  910
  987
  1,066
  1,148
  1,234
  1,323
  1,416
  1,512
  1,613
  1,717
  1,826
  1,940
  2,058
  2,182
  2,311
  2,446
  2,587
  2,735
  2,889
  3,050
  3,219
  3,395
  3,580
  3,774
  3,977
  4,190
  4,413
  4,646
  4,891
Total liabilities, $m
  882
  954
  1,027
  1,104
  1,183
  1,265
  1,351
  1,440
  1,533
  1,629
  1,730
  1,834
  1,943
  2,057
  2,175
  2,299
  2,428
  2,563
  2,704
  2,852
  3,006
  3,167
  3,336
  3,512
  3,697
  3,891
  4,094
  4,307
  4,530
  4,763
  5,008
Total equity, $m
  375
  267
  288
  309
  332
  355
  379
  404
  430
  457
  485
  514
  545
  577
  610
  645
  681
  719
  758
  800
  843
  888
  935
  985
  1,037
  1,091
  1,148
  1,208
  1,270
  1,336
  1,404
Total liabilities and equity, $m
  1,257
  1,221
  1,315
  1,413
  1,515
  1,620
  1,730
  1,844
  1,963
  2,086
  2,215
  2,348
  2,488
  2,634
  2,785
  2,944
  3,109
  3,282
  3,462
  3,652
  3,849
  4,055
  4,271
  4,497
  4,734
  4,982
  5,242
  5,515
  5,800
  6,099
  6,412
Debt-to-equity ratio
  2.040
  3.130
  3.160
  3.190
  3.210
  3.240
  3.260
  3.280
  3.290
  3.310
  3.320
  3.340
  3.350
  3.360
  3.370
  3.380
  3.390
  3.400
  3.410
  3.420
  3.430
  3.430
  3.440
  3.450
  3.450
  3.460
  3.460
  3.470
  3.470
  3.480
  3.480
Adjusted equity ratio
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
Depreciation, amort., depletion, $m
  46
  50
  53
  57
  62
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  120
  126
  133
  141
  148
  156
  165
  174
  183
  192
  203
  213
  224
  236
  248
  261
Funds from operations, $m
  55
  65
  70
  75
  80
  85
  90
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  239
  251
  264
  277
  291
  306
  321
Change in working capital, $m
  -2
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
Cash from operations, $m
  57
  76
  80
  86
  91
  97
  103
  109
  115
  122
  129
  136
  143
  151
  159
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  279
  293
  308
  323
  340
  357
Maintenance CAPEX, $m
  0
  -46
  -50
  -53
  -57
  -62
  -66
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -165
  -174
  -183
  -192
  -203
  -213
  -224
  -236
  -248
New CAPEX, $m
  -23
  -86
  -89
  -93
  -97
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -133
  -138
  -144
  -151
  -157
  -164
  -172
  -180
  -188
  -196
  -206
  -215
  -225
  -236
  -247
  -259
  -271
  -285
  -298
Cash from investing activities, $m
  100
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -277
  -290
  -305
  -321
  -336
  -352
  -371
  -389
  -408
  -428
  -450
  -472
  -495
  -521
  -546
Free cash flow, $m
  157
  -56
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -181
  -190
Issuance/(repayment) of debt, $m
  -73
  72
  73
  76
  79
  82
  86
  89
  93
  96
  100
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
Issuance/(repurchase) of shares, $m
  -35
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
Cash from financing (excl. dividends), $m  
  -119
  76
  77
  80
  83
  86
  90
  93
  97
  100
  104
  109
  113
  118
  123
  128
  133
  139
  146
  152
  159
  166
  174
  183
  191
  200
  209
  220
  230
  242
  253
Total cash flow (excl. dividends), $m
  39
  19
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
  63
Retained Cash Flow (-), $m
  26
  -19
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -62
  -66
  -69
Prev. year cash balance distribution, $m
 
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  127
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  116
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.0
  96.1
  94.3
  92.7
  91.3
  89.9
  88.7
  87.6
  86.5
  85.5
  84.6
  83.8
  82.9
  82.2
  81.4
  80.7
  80.0
  79.4
  78.7
  78.1
  77.5
  76.9
  76.3
  75.7
  75.1
  74.6
  74.0
  73.4
  72.9
  72.3

Ashford Hospitality Prime, Inc. invests in high revenue per available room (RevPAR), luxury hotels and resorts. The Company conducts its business and owns all of its assets through its operating partnership, Ashford Hospitality Prime Limited Partnership (Ashford Prime OP). The Company operates in the direct hotel investment segment of the hotel lodging industry. As of February 24, 2017, it owned interests in 11 hotel properties in six states, the District of Columbia and St. Thomas, the United States Virgin Islands with 3,702 total rooms, or 3,467 net rooms, excluding those attributable to its joint venture partner. The hotel properties in its portfolio are mainly located in the Unites States urban markets. The Company owns nine of its hotel properties directly, and the remaining two hotel properties through an investment in a majority-owned consolidated entity. All of the hotels in the Company's portfolio are asset-managed by Ashford Hospitality Advisors LLC.

FINANCIAL RATIOS  of  Ashford Hospitality Prime (AHP)

Valuation Ratios
P/E Ratio 12.3
Price to Sales 0.6
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -85.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 204%
Total Debt to Equity 204%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.4%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin 27.1%
EBITDA Margin - 3 Yr. Avg. 25.2%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 7.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 89.5%

AHP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AHP stock intrinsic value calculation we used $406 million for the last fiscal year's total revenue generated by Ashford Hospitality Prime. The default revenue input number comes from 2016 income statement of Ashford Hospitality Prime. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AHP stock valuation model: a) initial revenue growth rate of 8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.5%, whose default value for AHP is calculated based on our internal credit rating of Ashford Hospitality Prime, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ashford Hospitality Prime.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AHP stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AHP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Ashford Hospitality Prime.

Corporate tax rate of 27% is the nominal tax rate for Ashford Hospitality Prime. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AHP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AHP are equal to 265%.

Life of production assets of 23.4 years is the average useful life of capital assets used in Ashford Hospitality Prime operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AHP is equal to -31.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $375 million for Ashford Hospitality Prime - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 32.023 million for Ashford Hospitality Prime is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ashford Hospitality Prime at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
PEB Pebblebrook Ho 35.46 5.72  str.sell
CHSP Chesapeake Lod 26.58 4.88  str.sell
DRH Diamondrock Ho 11.11 2.26  str.sell
LHO LaSalle Hotel 25.01 5.59  str.sell
SHO Sunstone Hotel 15.12 2.72  str.sell
AINC Ashford 97.50 4.47  str.sell
AHT Ashford Hospit 5.92 20.50  str.buy
SOHO Sotherly Hotel 6.07 4.31  sell
HST Host Hotels&Re 19.21 2.33  str.sell

COMPANY NEWS

▶ Dallas firm signs a deal for Ritz-Carlton Sarasota   [Feb-16-18 03:28PM  American City Business Journals]
▶ Ashford Hospitality sells Marriott hotel in Plano's Legacy Town Center for $104M   [Nov-07-17 03:35PM  American City Business Journals]
▶ Ashford Reports Third Quarter 2017 Results   [Nov-02-17 04:15PM  PR Newswire]
▶ Ashford Hospitality Prime reports 3Q results   [05:47AM  Associated Press]
▶ Ashford Prime Reports Third Quarter 2017 Results   [Nov-01-17 06:15PM  PR Newswire]
▶ Ashford Prime To Host Investor & Analyst Day   [Oct-02-17 08:00AM  PR Newswire]
▶ Ashford Prime Provides Update On Hurricane Irma   [Sep-13-17 09:42PM  PR Newswire]
▶ Ashford Hospitality Prime reports 2Q results   [Aug-02-17 10:54PM  Associated Press]
▶ Ashford Hospitality Primes Dividend Confidence   [Jul-26-17 12:09PM  Market Realist]
▶ Top Ranked Income Stocks to Buy for July 24th   [Jul-24-17 10:13AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 14th   [Jul-14-17 09:03AM  Zacks]
▶ Top Ranked Value Stocks to Buy for July 13th   [Jul-13-17 11:46AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 6th   [Jul-06-17 11:25AM  Zacks]
▶ 3 Small Cap REITs Poised To Profit   [Jun-26-17 07:00AM  Forbes]
▶ Ashford Prime To Present At NAREIT's REITWeek 2017   [Jun-05-17 08:00AM  PR Newswire]
▶ Ashford Trust Reports First Quarter 2017 Results   [May-04-17 04:15PM  PR Newswire]
▶ Ashford Prime Reports First Quarter 2017 Results   [May-03-17 04:15PM  PR Newswire]
▶ FelCor merging with Maryland hotel investment company in $1.18B deal   [Apr-24-17 02:40PM  American City Business Journals]
▶ FelCor tells Ashford it will consider cash sale   [Feb-27-17 06:00PM  at bizjournals.com]
Financial statements of AHP
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