Richard Stockton, president and CEO of Ashford Hospitality Prime, Inc. (NYSE: AHP), joined REIT.com for a video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.
In January, Ashford Prime announced refinements to its business strategy. They included the decision to make the luxury hotel chain segment of the market a primary focus.
Stockton, who became CEO last November, said a review of revenue per available room (RevPAR) data dating as far back as the 1980s demonstrated that the highest growth potential came from the luxury chain segment.
Since January, the company has acquired two luxury assets, the Hotel Yountville in Yountville, California, and the Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado.
Meanwhile, Stockton said the property in the Ashford Hospitality Prime portfolio that seems to receive the most attention from investors is the Ritz-Carlton in St. Thomas, U.S. Virgin Islands. He described the hotel as “by far the leader” in its submarket.