Dallas-based Ashford Hospitality Prime is changing its name to Braemer 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,” said President and CEO Richard Stockton.
The company, which will change its stock ticker to BHR before the markets open tomorrow, says the name change is a cap on the company’s strategy to focus on luxury hotels that it announced last year. During that time, the company said it made substantial progress in rationalizing its non-core portfolio and announced the acquisition of three luxury hotels: The Hotel Yountville in Napa Valley, California, The Park Hyatt in Beaver Creek, Colorado, and The Ritz-Carlton in Sarasota, Florida.
The company says it has the highest portfolio RevPAR of any publicly traded lodging REIT. It will release its first-quarter earnings after market close on May 2 and host a conference call the following day.
The name is a play on Braemar Castle in Scotland and a nod to Ashford, a previous name based on another Irish castle.
Watch a video of Stockton discussing the name change on the company’s new website.
