13D Filing: Sessa Capital (master) Files Grievance With NYSE Over Ashford Hospitality Prime, Inc. (AHP)’s Penny Preferred Stock Issuance

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Schedule 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)*

Ashford
Hospitality Prime, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

044102101

(CUSIP Number)

Thomas R. Stephens

Bartlit Beck Herman Palenchar & Scott LLP

1899 Wynkoop Street, Suite 800

Denver, Colorado 80202

(303) 592-3100

(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 17, 2016

(Date of Event which Requires Filing of this Statement)

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

(Continued on following pages)

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Items 4 and 7 of the statement on Schedule 13D relating to the Common Stock, $0.01 par value per
share (the Shares) of Ashford Hospitality Prime, Inc., a Maryland corporation (AHP) previously filed by (i) Sessa Capital (Master), L.P., a Cayman Islands exempted limited partnership (Sessa Capital), as a
result of its direct ownership of Shares, (ii) Sessa Capital GP, LLC, a Delaware limited liability company (Sessa Capital GP), as a result of being the sole general partner of Sessa Capital, (iii) Sessa Capital IM, L.P., a
Delaware limited partnership (Sessa IM), as a result of being the investment adviser for Sessa Capital, (iv) Sessa Capital IM GP, LLC, a Delaware limited liability company (Sessa IM GP), as a result of being the sole
general partner of Sessa IM, and (v) John Petry, as a result of being the manager of Sessa Capital GP and Sessa IM GP (Sessa Capital, Sessa Capital GP, Sessa IM, Sessa IM GP and Mr. Petry are collectively referred to as the Reporting
Persons) is hereby amended as follows:

Item 4. Purpose of Transaction

No change except for the addition of the following:

On February 17, 2016, Sessa Capital issued a press release announcing that it sent a letter to the New York Stock Exchange
(NYSE) protesting potential violations of NYSEs rules by AHP. In the letter, Sessa Capital indicated it is concerned that AHPs planned actions will violate Sections 313.00(A), 312.02(b) and 303A.08 of the NYSE Listed Company
Manual.

The potential violations are the result of the decision of AHPs Board of Directors on February 1, 2016 to sell up to
13.3% of AHPs voting interests, in the form of preferred stock sold for a penny a share, or a total of $43,750 (the Penny Preferred) to a group consisting primarily of AHP management and related parties. In the letter to the NYSE,
Sessa Capital outlined its belief that the Penny Preferred may violate NYSE rules meant to protect shareholders rights, including those pertaining to the reduction of voting rights of common shareholders and requiring shareholder approval for
stock issuances to insiders.

A copy of Sessa Capitals press release of February 17, 2016 is attached as Exhibit 1 and
incorporated by reference in this Item 4 in its entirety. A copy of Sessa Capitals letter to the NYSE is attached as Exhibit 2 and incorporated by reference in this Item 4 in its entirety.

The Reporting Persons intend to continue to closely monitor actions by AHPs board, and will consider taking further action to protect
their interests and the interests of shareholders, which actions may involve plans or proposals of the type described in Item 4(a) through (j) of Schedule 13D.

Item 7. Exhibits

The following
documents are filed as exhibits to this statement:

Exhibit 1 Press Release dated February 17, 2016 issued by Sessa Capital.

Exhibit 2 Letter from Sessa Capital to the New York Stock Exchange dated February 10, 2016

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Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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