On January 15, 2016, Ashford Hospitality Prime, Inc. issued a statement in response to the press statement and purported notice of nomination made by Sessa Capital regarding its intention to nominate five representatives for election to Ashford Prime's Board of Directors at the Company's 2016 Annual Meeting of Stockholders. The Company announced that the Board and management of Ashford Prime are committed to maintaining an open dialogue with stockholders and welcome constructive input. The company also announced that members of the Company's Board and management team have held numerous meetings with Sessa Capital over the past several months, including an in-person meeting with several of its independent directors earlier this month.

The Company also announced that it and its independent directors are engaged in a strategic review to create value for all stockholders and have decided to explore a full range of strategic alternatives, including a possible sale of the Company.