In light of FelCor Lodging Trust’s merger agreement with RLJ Lodging Trust, Ashford Hospitality Trust is “abandoning its efforts to merge with FelCor” and is withdrawing its proposal for seven independent directors for FelCor’s Board of Directors.
DALLAS, May 3, 2017 -- Ashford Hospitality Trust (NYSE: AHT) ("Ashford Trust" or "the Company") today announced that given FelCor Lodging Trust Incorporated's (NYSE: FCH) ("FelCor") announced merger agreement with RLJ Lodging Trust (NYSE: RLJ) ("RLJ"), Ashford Trust is abandoning its efforts to merge with FelCor. Ashford Trust also announced that it is withdrawing its preliminary proxy statement and proposed slate of seven independent directors for election to FelCor's Board of Directors at FelCor's 2017 Annual Meeting of Stockholders.
While Ashford Trust continues to believe that its offer would have been more attractive to shareholders than the RLJ offer, the Company has determined that there is no cost-effective, actionable path forward toward an agreement and has withdrawn its non-binding proposal. The Company believes that it exercised significant strategic and financial discipline in seeking ways to maximize shareholder value. The Company plans to opportunistically liquidate its investment in FelCor stock over time.
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