Ashford has signed a definitive agreement to acquire the project management business of privately-held Remington Holdings for $203 million.
The transaction is expected to close during the third quarter of 2018.
Remington's Project Management provides comprehensive and cost-effective design, development, and project management services for both Remington managed hotels as well as external partners. It provides project oversight, coordination, planning, and execution of renovation, capital expenditure or ground-up development projects.
Its operations are responsible for managing and implementing substantially all capital improvements at Ashford Hospitality Trust and Ashford Hospitality Prime. Additionally, it has extensive experience working with many of the major hotel brands in areas of renovating, converting, developing or repositioning hotels.
In 2017, Remington Project Management had revenues of approximately $29.0 million and adjusted EBITDA of approximately $16.3 million.
