FelCor Lodging Trust Clarifies Background on Ashford Hospitality Trust Proposal
February 24, 2017 8:16am
Will Provide More Detailed Response in Due Course
FelCor Shareholders Need Take No Action at this Time
IRVING, Texas, Feb. 24, 2017 -- FelCor Lodging Trust Incorporated (NYSE: FCH) today offered clarification on the unsolicited, non-binding and conditional proposal to combine its business with Ashford Hospitality Trust (NYSE: AHT).
AHT's February 21, 2017 proposal follows several months of discussions between FelCor and AHT, during which FelCor repeatedly expressed numerous concerns regarding the value and structure of AHT's various proposals. Notable concerns include:
The items referenced above are neither a complete list of concerns expressed to AHT nor should they be taken as FelCor's response to AHT's proposal. As previously announced on February 21, 2017, together with its financial and legal advisors, FelCor's Board of Directors is reviewing AHT's latest proposal and its proposed board nominees, and will respond in detail in due course. FelCor's shareholders are advised to take no action at this time.
BofA Merrill Lynch is acting as financial advisor to the Company and Sidley Austin LLP, Polsinelli PC and Jones Day are providing legal advice to the Company.
Tags: felcor lodging trust,
ashford hospitality trust,
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.
Contact: Investors: Michael Hughes / Abi Salami /
Hugh Burns /Robin Weinberg/ Emily Claffey,
Sard Verbinnen & Co
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