Ashford, which provides asset management and advisory services, completed the acquisition of Remington's Hotel Management Business for $275m payable in new Series D Convertible Preferred Stock. "The proposed acquisition of Remington's high-margin Hotel Management business will immediately add scale, diversification and an enhanced competitive position for Ashford in the hospitality industry, while also expanding the breadth of services we offer to our advised REITs. With deep industry experience and mutual exclusivity agreements in place with our advised REITs, we believe the acquisition of Remington's Hotel Management business represents a compelling opportunity for Ashford to further diversify its earnings stream and, moving forward, the potential to expand business to other third-party clients," Monty J. Bennett, Ashford Chairman and Chief Executive Officer.