ASHFORD'S RED HOSPITALITY & LEISURE ANNOUNCES EXPANSION INTO HAWAII

DALLAS, March 20, 2023 /PRNewswire/ -- Ashford Inc. (NYSE American: AINC) ("Ashford" or the "Company") today announced that RED Hospitality & Leisure, LLC ("RED"), a leading watersports and resort services company, has acquired privately-held Alii Nui and Maui Dive Shop, Maui's premier luxury catamaran and diving operation.

Alii Nui has developed a reputation of providing the ultimate Maui luxury sailing and watersport experience with offerings including sunset sails, dinner cruises, scuba lessons, snorkeling and whale-watching excursions and was recently ranked #1 in Maui and #10 in Hawaii for the Best Tour Company in 2023 by USA Today's 10BEST. Alii Nui is also the on-property provider of scuba programming to The Grand Wailea Resort, Maui, and has carved a niche in the Hawaiian watersport market by delivering unmatched service standards over the last four decades.

RED intends to expand the Alii Nui fleet in 2023 with an additional vessel, and the acquisition follows RED's proven track record of successfully acquiring and expanding high-quality providers in niche, high-barrier, luxury markets. The transaction also expands RED's geographic footprint into the premier Maui market and geographically diversifies its revenue stream. By establishing a foothold in this coveted market, RED is well-positioned to continue to grow its business in Hawaii.

"I'm thrilled to welcome Alii Nui and Maui Dive Shop into the RED family of companies," commented Chris Batchelor, RED's Chief Executive Officer. "Alii Nui and Maui Dive Shop will join Cruz Bay Watersports, Sebago Watersports, Lady Lynsey Luxury Excursions and Lady Grace Luxury Excursions as part of our expanding, best-in-class portfolio. Our entrance into the Hawaii market is a material step forward for RED. The pent-up demand for exceptional watersports and excursion experiences continues to grow and we are very excited to be part of the future of this attractive destination."

Please visit www.experiencered.com to learn more about RED Hospitality and Leisure.

Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provides global asset management, investment management and related services to the real estate and hospitality sectors.

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SOURCE Ashford Inc.