Ashford Prime Prices Public Offering Of Convertible Preferred Stock

DALLAS, March 2, 2017

Ashford Prime intends to use the net proceeds of this Preferred Stock offering, along with the net proceeds of the Company's previously announced public offering of its common stock, for general corporate purposes, including to fund future acquisitions, which may include the Company's recently announced potential acquisitions, if such acquisitions are consummated.

UBS Investment Bank, Morgan Stanley and FBR acted as joint book-running managers for the offering.  Baird, Janney Montgomery Scott, JMP Securities and William Blair acted as co-managers for the offering.

The Preferred Stock will be issued and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission and a prospectus supplement. The Preferred Stock may be offered only by means of the prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus for the offering may be obtained on the website of the Securities and Exchange Commission at www.sec.gov, or by contacting: UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department (telephone: 1-888-827-7275), or Morgan Stanley & Co. LLC, 180 Varick Street, Second Floor, New York, NY 10014, Attention: Prospectus Department.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Preferred Stock, nor shall there be any offer or sale of the Preferred Stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements in this press release include, among others, statements about the use of proceeds from the offerings.  These forward-looking statements are subject to risks and uncertainties.  When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Prime's control.