FelCor Lodging Trust Incorporated (NYSE: FCH), owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major urban and resort markets. FelCor partners with top hotel companies that operate its properties under globally recognized names and as premier independent hotels.
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|FelCor Lodging Trust Responds to Ashford Hospitality Trust’s Unsolicited Proposal|
Company Has Engaged with AHT Since Last Fall; Unable to Reach Mutually Beneficial Terms
Company Responds to Ashford’s Director Nominees
FelCor Shareholders Need Take No Action at This Time
The FelCor Board established a transaction committee in December of 2016, comprised of independent directors, to facilitate consideration of AHT’s proposal and direct any related discussions, among other things. To date, however, the parties have not been able to reach mutually agreeable terms.
The FelCor Board will review AHT’s proposal of
FelCor also acknowledged receipt of AHT’s intent to nominate seven directors for nomination at the Company’s next annual meeting. The FelCor Board of Directors will review the nominees and make a recommendation to shareholders in due course.
BofA Merrill Lynch is acting as financial advisor to the Company and
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with top hotel companies to operate its properties under globally renowned names and as premier independent hotels. Additional information can be found on the company's website at www.felcor.com.
With the exception of historical information, the matters discussed
in this news release include “forward-looking statements” within the
meaning of the federal securities laws. These forward-looking statements
are identified by their use of terms and phrases such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“predict,” “project,” “should,” “will,” “continue” and other similar
terms and phrases, including references to assumptions and forecasts of
future results. Forward-looking statements are not guarantees of future
performance. Numerous risks and uncertainties, and the occurrence of
future events, may cause actual results to differ materially from those
anticipated at the time the forward-looking statements are made. Current
economic circumstances or an economic slowdown and the impact on the
lodging industry, operating risks associated with the hotel business,
relationships with our property managers, risks associated with our
level of indebtedness and our ability to meet debt covenants in our debt
agreements, our ability to complete acquisitions, dispositions and debt
refinancing, the availability of capital, the impact on the travel
industry from security precautions, our ability to continue to qualify
as a Real Estate Investment Trust for federal income tax purposes and
numerous other factors may affect future results, performance and
achievements. Certain of these risks and uncertainties are described in
greater detail in our filings with the