Ashford Taps Offering Proceeds For $153M Luxury Hotel Buy

Law360, New York (January 22, 2014, 5:06 PM EST) -- Ashford Hospitality Prime Inc. said it is scooping up the debt-burdened Sofitel Chicago Water Tower luxury hotel for $153 million in cash from affiliates of the Blackstone Group LP with proceeds from a public offering of 8 million shares of stock.

Ashford Prime, a real estate investment trust focused on luxury hotel investments, said it entered into an agreement in December to purchase the luxury Sofitel hotel, located one block off Chicago’s famed Magnificent Mile shopping and entertainment district, according to documents filed with the U.S....
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