Filing Details

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Schedule 13D

 

Under the Securities Exchange Act of 1934

(Amendment No. 7)*

 

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)

 

March 14, 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 remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

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)

 

 

CUSIP No. 044102101

 

1.	Names of Reporting Persons.
	Sessa Capital (Master), L.P.
2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(A)   ¨
	(B)   x
3.	SEC Use Only
4.	Source of Funds (See Instructions)   OO
5.	Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
6.	Citizenship or Place of Organization:           Cayman Islands

 

Number of	7.	Sole Voting Power	2,330,726
Shares
Beneficially	8.	Shared Voting Power
Owned by
Each	9.	Sole Dispositive Power	2,330,726
Reporting
Person With	10.	Shared Dispositive Power

 

11.	Aggregate Amount Beneficially Owned by Each Reporting Person        2,330,726
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.	Percent of Class Represented by Amount in Row (11)   8.2%
14.	Type of Reporting Person (See Instructions)    PN

 

 

CUSIP No. 044102101

 

1.	Names of Reporting Persons.
	Sessa Capital GP, LLC
2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(A)   ¨
	(B)   x
3.	SEC Use Only
4.	Source of Funds (See Instructions)   AF
5.	Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
6.	Citizenship or Place of Organization:           Delaware

 

Number of	7.	Sole Voting Power	2,330,726
Shares
Beneficially	8.	Shared Voting Power
Owned by
Each	9.	Sole Dispositive Power	2,330,726
Reporting
Person With	10.	Shared Dispositive Power

 

11.	Aggregate Amount Beneficially Owned by Each Reporting Person        2,330,726
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.	Percent of Class Represented by Amount in Row (11)   8.2%
14.	Type of Reporting Person (See Instructions)    OO

 

 

CUSIP No. 044102101

 

1.	Names of Reporting Persons.
	Sessa Capital IM, L.P.
2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(A)   ¨
	(B)   x
3.	SEC Use Only
4.	Source of Funds (See Instructions)   AF
5.	Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
6.	Citizenship or Place of Organization:           Delaware

 

Number of	7.	Sole Voting Power	2,330,726
Shares
Beneficially	8.	Shared Voting Power
Owned by
Each	9.	Sole Dispositive Power	2,330,726
Reporting
Person With	10.	Shared Dispositive Power

 

11.	Aggregate Amount Beneficially Owned by Each Reporting Person        2,330,726
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.	Percent of Class Represented by Amount in Row (11)   8.2%
14.	Type of Reporting Person (See Instructions)    IA

 

 

CUSIP No. 044102101

 

1.	Names of Reporting Persons.
	Sessa Capital IM GP, LLC
2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(A)   ¨
	(B)   x
3.	SEC Use Only
4.	Source of Funds (See Instructions)   AF
5.	Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
6.	Citizenship or Place of Organization:           Delaware

 

Number of	7.	Sole Voting Power	2,330,726
Shares
Beneficially	8.	Shared Voting Power
Owned by
Each	9.	Sole Dispositive Power	2,330,726
Reporting
Person With	10.	Shared Dispositive Power

 

11.	Aggregate Amount Beneficially Owned by Each Reporting Person        2,330,726
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.	Percent of Class Represented by Amount in Row (11)   8.2%
14.	Type of Reporting Person (See Instructions)    OO

 

 

CUSIP No. 044102101

 

1.	Names of Reporting Persons.
	John Petry
2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(A)   ¨
	(B)   x
3.	SEC Use Only
4.	Source of Funds (See Instructions)   AF
5.	Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
6.	Citizenship or Place of Organization:           United States

 

Number of	7.	Sole Voting Power	2,330,726
Shares
Beneficially	8.	Shared Voting Power
Owned by
Each	9.	Sole Dispositive Power	2,330,726
Reporting
Person With	10.	Shared Dispositive Power

 

11.	Aggregate Amount Beneficially Owned by Each Reporting Person        2,330,726
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
13.	Percent of Class Represented by Amount in Row (11)   8.2%
14.	Type of Reporting Person (See Instructions)    IN

 

 

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 March 14, 2016, Sessa Capital filed counterclaims against AHP, Ashford Inc. and AHP’s directors in the lawsuit against the Reporting Persons brought by AHP in the United States District Court for the Northern District of Texas. In connection with the counterclaims, Sessa Capital voluntarily dismissed its litigation against AHP, Ashford Inc. and AHP’s directors in the Circuit Court for Baltimore City, Maryland to consolidate the litigation in the federal court in which AHP brought suit. Sessa Capital also filed a motion to remove claims AHP filed last week in Texas state court to the federal court case, given that the underlying facts and claims arise from the same matters being litigated in federal court.

 

Sessa Capital consolidated the litigation to expedite a resolution that will allow shareholders to consider Sessa Capital’s highly-qualified director nominees in opposition to the incumbent directors on a level playing field. Sessa Capital’s counterclaims seek similar relief to its previously-filed lawsuit in Maryland, and include additional claims related to AHP’s planned issuance of preferred stock for a penny per share as well as misstatements and misrepresentations that AHP has made.

 

A copy of Sessa Capital’s press release of March 14, 2016 relating to the above-referenced court filings is attached as Exhibit 1 and incorporated by reference in this Item 4 in its entirety. A copy of Sessa Capital’s answer, counterclaims and third party claims against AHP, Ashford Inc. and AHP’s directors 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 AHP’s 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 March 14, 2016 issued by Sessa Capital.

 

 

Exhibit 2

Answer, Counterclaims and Third-Party Claims filed against AHP, each director of AHP, Ashford Inc. and Ashford Hospitality Advisors LLC in the United States District Court for the Northern District of Texas on March 14, 2016.

 

 

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.

 

	Date: March 14, 2016
	/s/ John Petry
	John Petry, individually, as manager of Sessa Capital GP, LLC, the general partner of Sessa Capital (Master), L.P., and as manager of Sessa Capital IM GP, LLC, the general partner of Sessa Capital IM, L.P.