DALLAS, May 3, 2017 /PRNewswire/ -- 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agreement and has withdrawn its non-binding proposal.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.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Forward Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Hospitality Trust, Inc.'s ("Ashford Trust")
control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford Trust's
filings with the Securities and Exchange Commission. In
addition, material risks that could cause actual results to differ
from forward-looking statements include: the inherent uncertainty
associated with financial or other projections.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
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visit:http://www.prnewswire.com/news-releases/ashford-hospitality-trust-announces-withdrawal-of-felcor-lodging-trust-merger-proposal-and-preliminary-proxy-statement-300450515.html
SOURCE Ashford Hospitality Trust, Inc.