<SEC-DOCUMENT>0001144204-16-108209.txt : 20160614
<SEC-HEADER>0001144204-16-108209.hdr.sgml : 20160614
<ACCEPTANCE-DATETIME>20160614162825
ACCESSION NUMBER:		0001144204-16-108209
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160614
DATE AS OF CHANGE:		20160614
EFFECTIVENESS DATE:		20160614

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ashford Hospitality Prime, Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		161713340

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sessa Capital (Master), L.P.
		CENTRAL INDEX KEY:			0001618360
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1350 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 3110
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-257-4410

	MAIL ADDRESS:	
		STREET 1:		1350 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 3110
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>v442303_dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. )</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Filed by a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 97%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ASHFORD HOSPITALITY PRIME, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of the Registrant as Specified
in its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SESSA CAPITAL (MASTER), L.P. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SESSA CAPITAL GP, LLC </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SESSA CAPITAL IM, L.P. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SESSA CAPITAL IM GP, LLC </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>JOHN E. PETRY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>LAWRENCE A. CUNNINGHAM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PHILIP B. LIVINGSTON</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DANIEL B. SILVERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CHRIS D. WHEELER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of Person(s) Filing Proxy Statement,
if Other than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of each class of securities to which transaction applies:</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate number of securities to which transaction applies:</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per unit price or other underlying value of transaction computed
        pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed maximum aggregate value of transaction:</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total fee paid:</P>
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<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount Previously Paid:</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form, Schedule or Registration Statement No.:</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filing Party:</P>
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<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date Filed:</P>
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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 14, 2016, Sessa Capital (Master), L.P. issued the following
press release:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHAREHOLDERS DECISIVELY REBUKE EXISTING
GOVERNANCE AT ASHFORD PRIME BY OPPOSING THE <BR>
REELECTION OF THE ENTIRE INCUMBENT BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Sessa Capital Intends to Seek a New Election</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEW YORK &ndash; June 14, 2016 &ndash;</B>
Sessa Capital announced that the election results from the June 10, 2016 annual meeting of stockholders of Ashford Hospitality
Prime, Inc. (NYSE:AHP) confirm the depth of shareholder unhappiness with the actions of Ashford Prime&rsquo;s board of directors
highlighted by Sessa Capital through a series of letters and presentations over the last nine months. Despite running in an uncontested
election as a result of the board&rsquo;s decision to disqualify Sessa Capital&rsquo;s nominees, Ashford Prime&rsquo;s entire board
received an unprecedented rebuke in which not a single director was affirmatively chosen by shareholders to retain his or her seat.
On average, shareholders chose to withhold support rather than voting for the directors by a nearly 2:1 ratio. Sessa Capital had
sought to run nominees in opposition to the current board, but actions undertaken by Ashford Prime&rsquo;s board denied shareholders
a choice. Sessa Capital (Master), L.P. (&ldquo;Sessa Capital&rdquo;) is the owner of 8.2% of the outstanding common shares of Ashford
Prime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Petry, Sessa Capital&rsquo;s principal,
said, &ldquo;We believe this is the first time that stockholders holding a majority of the outstanding stock of a New York Stock
Exchange company withheld votes from an entire board of directors. This represents a clear vote of no confidence in the incumbent
directors. We do not view the result as surprising, given the disdain for stockholder rights shown by the incumbent board. The
federal district court, while reviewing the actions of Ashford Prime&rsquo;s board, noted steps taken by the board to entrench
itself. Over the last nine months, we have highlighted what we believe is the board&rsquo;s unparalleled disregard for the rights
of Ashford Prime stockholders, and we believe that the stockholders vindicated our criticisms with these election results.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Petry continued, &ldquo;Shareholders deserve
more than the &lsquo;thanks&rsquo; for an &lsquo;open and honest dialogue&rsquo; offered by Lead Director Curtis McWilliams &ndash;
they deserve real change. The particularly large withhold votes for Stefani Carter and Andrew Strong, the members of Ashford Prime&rsquo;s
nominating committee, show stockholders&rsquo; distaste for the antics of their committee in depriving stockholders of a choice
of director nominees. More than two thirds of the shares voted opposed the reelection of each of the committee members, with Ms.
Carter, the chair of the committee, being opposed by the largest number of shares of any of the directors. Along with Mr. McWilliams,
the remaining independent directors, Michael Murphy and Matthew Rinaldi, were soundly rejected as well, with over 62% of the shares
voted opposing their election, as were Chairman Monty Bennett and Douglas Kessler.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ashford Prime also announced late on Friday
that each of the incumbent directors submitted resignations as required by Ashford Prime&rsquo;s guidelines because more shares
were voted &lsquo;withhold&rsquo; rather than &lsquo;for&rsquo; the directors. However, immediately following the vote, the incumbent
board rejected their own resignations. Mr. Petry commented, &ldquo;By rejecting their own resignations, the incumbent board once
again showed its indifference to corporate governance principles and shareholder democracy. We believe that the unprecedented vote,
in which a majority of the outstanding stock withheld support, followed by the board rejecting their own resignations so they could
keep their board seats, has cost the incumbent board its legitimacy as representatives of the shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The election returns show the following
percentages of shares voted in the director election:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr>
    <TD NOWRAP STYLE="width: 49%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-decoration: underline; text-align: center"><font style="font-size: 12pt"><b><u>Withheld</u></b></font></td>
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-decoration: underline; text-align: center"><font style="font-size: 12pt"><b><u>For</u></b></font></td></tr>
<tr>
    <td nowrap style="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>Stefani D. Carter</b></font></td>
    <td nowrap style="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>67.8%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">32.2%</font></td></tr>
<tr style="background-color: #C6D9F1">
    <td nowrap style="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>Andrew L. Strong</b></font></td>
    <td nowrap style="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>67.8%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">32.2%</font></td></tr>
<tr>
    <td nowrap style="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>Curtis B. McWilliams</b></font></td>
    <td nowrap style="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>65.1%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">34.9%</font></td></tr>
<tr style="background-color: #C6D9F1">
    <td nowrap style="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>Monty J. Bennett</b></font></td>
    <td nowrap style="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>63.1%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">36.9%</font></td></tr>
<tr>
    <td nowrap style="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>Douglas A. Kessler</b></font></td>
    <td nowrap style="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>62.5%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">37.5%</font></td></tr>
<tr style="background-color: #C6D9F1">
    <td nowrap style="border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>Matthew D. Rinaldi</b></font></td>
    <td nowrap style="padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>62.4%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">37.6%</font></td></tr>
<tr>
    <td nowrap style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold"><font style="font-size: 12pt"><b>W. Michael Murphy</b></font></td>
    <td nowrap style="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; text-align: center"><font style="font-size: 12pt"><b>62.4%</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 12pt">37.6%</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sessa Capital intends to request that the
federal courts set aside the results of the election and order a new election in which stockholders will have a choice of directors.
Sessa Capital believes that only a free and fair election can ensure the legitimacy of the Ashford Prime board. As previously announced,
the U.S. Court of Appeals for the Fifth Circuit decided to hear Sessa&rsquo;s appeal on an expedited basis and has scheduled oral
argument in the case to be held the week of August 1, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this press release, Sessa
directly owned 2,330,726 shares of common stock, $0.01 par value (the &ldquo;Common Stock&rdquo;), of AHP. Sessa Capital GP, LLC,
as a result of being the sole general partner of Sessa Capital, Sessa Capital IM, L.P., as a result of being the investment adviser
for Sessa Capital, Sessa Capital IM GP, LLC, as a result of being the sole general partner of Sessa Capital IM, L.P., and John
Petry, as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC, may be deemed to be the beneficial
owner of Common Stock owned directly by Sessa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contacts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sard Verbinnen &amp; Co</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Margaret Popper / Zachary Tramonti</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212.687.8080</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: left"></P>

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