ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Files An 8-K Regulation FD Disclosure
ITEM 7.01 REGULATION FD DISCLOSURE.
or “Ashford Trust”) issued a press release responding to the
announcement that the Board of Directors of FelCor Lodging Trust
Incorporated (“FelCor”) had entered into a merger agreement with
RLJ Lodging Trust providing for all-stock consideration for
FelCor stockholders valued at $8.01 per share based on the April
24, 2017 closing share price of $22.12 per share. Ashford Trust
announced that it had submitted a revised offer to FelCors Board
of Directors on April 20, 2017, comprised of 50% cash
consideration and valued at $8.22 per share based on the April
24, 2017 closing share price of AHT of $6.43 per share. Despite
the acceptance of RLJs all-stock offer, FelCor pushed hard for a
cash offer from Ashford Trust.
to shareholders than the RLJ offer as it included 50% cash, would
have provided a more certain path to future value creation
through guaranteed synergies and operational enhancements and
offered a higher dividend yield on the stock component of the
bid. Ashford Trust is disappointed that the FelCor Board of
Directors decided not to meaningfully engage on the recently
revised offer. A copy of the press release is attached hereto as
Exhibit 99.1.
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99.1
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Press Release of the Company, dated April 25, 2017,
furnished under Item 7.01. |
About ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT)
Ashford Hospitality Trust, Inc. (Ashford), together with its subsidiaries, is an externally advised real estate investment trust (REIT). The Company operates through direct hotel investments segment. It is focused on investing in the hospitality industry with a focus on full-service upscale and upper-upscale hotels in the United States. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Its hotels are operated under the brands of Hilton, Hyatt, Marriott, Starwood and Intercontinental Hotels Group. The Company’s hotels portfolio is asset-managed by Ashford LLC. The Company is focused on direct hotel investments and it may invest in a range of lodging-related assets. Its investments may include direct hotel investments; mezzanine financing through origination or acquisition; first-lien mortgage financing through origination or acquisition, and sale-leaseback transactions. ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) Recent Trading Information
ASHFORD HOSPITALITY TRUST, INC. (NYSE:AHT) closed its last trading session up +0.12 at 6.55 with 833,976 shares trading hands.