Ashford Inc. Reports 2024 Performance, Announces SEC Deregistration

The company outlines financial performance, advisory services, and future strategy while ceasing SEC filings.

March 18, 2025

Ashford Inc. is making a major shift. The Dallas-based asset management firm has decided to deregister its stock with the SEC, stepping away from the public markets. This change follows the company’s NYSE American delisting in mid-2024 and means it will no longer file quarterly and annual reports. Investors won’t see 10-Ks or 10-Qs moving forward, but the company plans to continue preparing audited financial statements to meet its contractual obligations.

The move cuts compliance costs but also reduces transparency. Ashford’s leadership, including Chairman and CEO Monty J. Bennett, controls a significant stake in the company—an important factor in this decision.

2024 Financial Performance and Revenue Breakdown

Ashford Inc.’s portfolio spans advisory services, hotel management, event technology, insurance, and more. The company’s revenue is anchored by its advisory relationships with Ashford Hospitality Trust (Ashford Trust), Braemar Hotels & Resorts (Braemar), and Stirling Hotels & Resorts, which became a client in late 2023.

Advisory Fees

$32.9 million from Ashford Trust

$15.0 million from Braemar

Includes incentive fees based on performance

Hotel Management Revenue

$25.7 million from Ashford Trust

$2.5 million from Braemar

$24.0 million from third-party clients

Other Revenue Streams

Premier Project Management(renovation and design services): $26.8 million

Inspire Event Technologies(event and AV services): $167.1 million

RED Hospitality & Leisure(watersports and travel services): $38.2 million from third-party clients

OpenKey(mobile room keys and keyless entry): $1.3 million

Warwick Insurance(hospitality insurance solutions): $13.1 million, a significant jump from $375,000 in 2023

The company’s insurance business saw the biggest expansion, reflecting growing demand for liability and risk coverage in the hospitality sector.

Ownership and Capital Structure

As of March 2025, Ashford Inc. had 1.65 million common shares outstanding, with a market value of $11.1 million for non-affiliate shares. Monty J. Bennett and his father, Archie Bennett Jr., hold 46.6% of the company’s common stock, with the potential to increase their stake to 84.9% through preferred share conversions.

Advisory Business and Client Relationships

Ashford Inc.’s core business is advisory services for Ashford Trust, Braemar, and Stirling. These agreements cover asset management, financial planning, and strategic oversight, with compensation based on both fixed fees and performance-based incentives.

A key risk? Heavy reliance on Ashford Trust and Braemar for revenue. Any financial distress at these REITs could ripple through Ashford Inc.’s balance sheet.

Looking Ahead

The company is focused on three strategic goals:

Expanding assets under management by growing its advisory business.

Building out third-party revenue across hotel management and service businesses.

Targeting acquisitions that complement its existing portfolio.

Despite these plans, Ashford acknowledges the challenges ahead. Interest rate shifts, economic slowdowns, and geopolitical uncertainty could impact the business. The shift away from SEC reporting will also change how investors assess the company’s performance.

Ashford Inc. is stepping into a new phase. With its SEC deregistration complete, it’s charting a path forward with a tighter focus on private operations and strategic expansion.