February 22, 2017
Cadwalader represented Ashford Hospitality Prime, Inc. (NYSE: AHP) in its agreement announced February 17, 2017 with Sessa Capital.
In connection with the agreement, Ashford Prime will add three new directors to its board, including two of Sessa’s prior nominees for election to the company’s board. Additionally, Ashford Prime and Sessa have agreed to various standstill provisions continuing at least until prior to the company’s 2019 annual meeting of stockholders, and to dismiss all pending litigation. Sessa has also agreed to vote all of its shares in accordance with the board’s recommendations on any proposals presented at a meeting of Ashford Prime stockholders, subject to certain exceptions.
The Cadwalader team was led by Corporate Group co-chair Richard Brand and included Corporate special counsel Braden McCurrach, Corporate associates Nathan Bryce, Gaël Hagan and Lindsey Kister, partner and co-chairman of Litigation Jason Halper and Litigation special counsel Jared Stanisci.
Ashford Prime’s press release announcing the agreement is accessible here.