On March 3, 2017, the board of directors of Ashford Hospitality Prime, Inc. voted to increase the size of the board from eight to ten members. Additionally, on March 3, 2017, the board appointed Daniel B. Silvers and Lawrence A. Cunningham to the board. Mr. Silvers and Mr. Cunningham were appointed pursuant to the settlement agreement, dated February 16, 2017 between Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC and John Petry (collectively, “Sessa”). Under the settlement agreement, the company agreed to appoint to the board two of the five individuals Sessa previously sought to nominate as directors of the company.