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Ashford’s CFO David Kimichik to Retire, Deric Eubanks to Take Post

DALLAS—Ashford Hospitality Trust, Inc’s CFO/Treasurer, David Kimichik, will retire June 13 after 32 years with the company and its predecessor. Deric Eubanks, currently SVP/finance, will succeed him.

Kimichik is currently the CFO of Ashford Hospitality Advisors and serves as CFO of both Ashford Hospitality Trust and Ashford Hospitality Prime. He has served as the CFO for Ashford Trust since its inception in May 2003. He has served as director of asset management and also is part of the  acquisitions team, responsible for the company’s underwriting function that generates financial projections for potential transactions. Ashford Trust and Ashford Prime currently own 124 hotels Kimichik has underwritten.

During the 1980s, Kimichik ran the company’s affiliated hotel property management company. In the 1990s, he was the president of Ashford Financial Corp. and oversaw the acquisition of more than 170 properties representing more than $1 billion in value. His underwriting of acquisitions for Ashford Trust include the 21-hotel portfolio acquired from the Fisher Brothers, the Gordon Getty Trust and George Soros for $250 million in 2005, the 30-hotel portfolio acquired from CNL Hotels and Resorts for $465 million in 2006, the 51-hotel portfolio acquired from CNL Hotels and Resorts for $2.4 billion in 2007 and the 28-hotel Highland Hospitality portfolio acquired in 2011 for $1.3 billion.

Eubanks is currently SVP/finance of Ashford Hospitality Advisors and serves as SVP/finance of both Ashford Hospitality Trust and Ashford Hospitality Prime. In this role, he is responsible for assisting the CEO and CFO with all corporate finance and financial reporting initiatives and capital market activities, including equity raises and debt financings. He also oversees the Investor Relations function and is responsible for supervision and executing the company’s hedging strategies.

Previously Eubanks was VP/investments and was responsible for sourcing and underwriting hotel investments, including direct equity investments, joint-venture equity, preferred equity, mezzanine loans, first mortgages, B-notes, construction loans and other debt securities.

Before joining Ashford Trust, Eubanks was a manager of financial analysis for ClubCorp, where he assisted in underwriting and analyzing investment opportunities in the golf and resort industries.

 

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