Meet Ashford Hospitality Prime’s New CEO
- Nov 14, 2016
Dallas—Ashford Hospitality Prime Inc. has recently announced the appointment of Richard Stockton as the new CEO of the company, effective Nov. 14, 2016. According to the Dallas Business Journal, Stockton will be awarded a base salary of $375,000 per year.
Stockton spent more than 15 years at Morgan Stanley in real estate investment banking, where he rose from an associate to regional group head. He was manager of EMEA Real Estate Banking London, executing business across Europe, the Middle East and Africa. Between 2010 and 2012, Richard Stockton was co-head of the Asia Pacific Real Estate Banking Group and was responsible for a team of over 20 real estate investment bankers in Hong Kong, Singapore, Sydney and Mumbai. In 2013, he become president and CEO-Americas for OUE Ltd., a publicly listed Singaporean property company with more than $5 billion in assets. While there, Stockton completed the $367.5 million acquisition of the U.S. Bank Tower, implementing a $50+ million repositioning plan that resulted in SkySpace Los Angeles, the tallest building in California.
His resume also includes serving on numerous boards, including the Asia Pacific Real Estate Association and Los Angeles Downtown Center BID. Currently, the finance expert is serving on the board of Watchfacts, Amazon’s exclusive provider of pre-owned luxury watch certifications and warranties.
Stockton received an MBA in finance and real estate from The Wharton School, University of Pennsylvania and a Bachelor of Science degree from Cornell University, School of Hotel Administration.
“We are extremely pleased, following an extensive search process, to have attracted someone of Richard’s caliber to join our organization. I am confident that his expertise will be extremely valuable to us as we continue to execute on our strategic initiatives in order to maximize long-term shareholder value,” said Monty Bennett, Ashford Prime’s chairman of the board, in a prepared statement.
Recently, Ashford Prime reported third quarter revenue of $99 million, up from $90 million in the same quarter last year.
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