Ashford Hospitality Trust Appoints Archie Bennett, Jr. As Chairman
Emeritus And Monty J. Bennett As Chairman Of The Board
DALLAS, Dec. 24, 2012 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) has announced that Chairman
Archie Bennett, Jr. will retire on
his 75th birthday, January 18,
2013, consistent with the Company's Corporate Governance
Guidelines. On January 19,
2013, he will assume the role of Chairman Emeritus and
advisor to the Company providing his expertise and insights to the
Company on various initiatives and projects. Monty J. Bennett,
who has served as Director and Chief Executive Officer of the
Company since its formation in August
2003, will succeed him in his role as Chairman, effective
January 19, 2013.
"On behalf of the Company and the Board of Directors, I want to
thank my father, Archie Bennett,
Jr., for his many years of service and leadership to
Ashford. His decades of industry knowledge and
experience have been invaluable to the Company and significantly
contributed to our total shareholder return outperformance versus
our peers since our initial public offering in August, 2003.
It has been a privilege to have him as our Chairman these past nine
years and we look forward to his continued contributions to our
success as Chairman Emeritus," said Monty
J. Bennett.
The Company has also announced that the Board of Directors has
appointed W. Michael Murphy as its
new lead Director, replacing Mr. Martin L.
Edelman. Mr. Murphy, the Head of Lodging and Leisure
Capital Markets for First Fidelity Companies, has been a Director
since the Company's formation in August
2003.
In connection with these events, the Board of Directors has
modified the Company's Corporate Governance Guidelines to increase
the size of the Board from seven to nine members and to rotate
several members and chairmanships of the Board's committees.
Effective as of January 19,
2013, the Company is pleased to announce that Mr.
Douglas A. Kessler, the Company's
President, and Mr. Kamal Jafarnia
have been appointed to the Board. Mr. Kessler will continue
to serve the Company as President, as he has done since January
2009. Prior to being appointed President, Mr. Kessler was
Ashford's Chief Operating Officer and Head of Acquisitions since
the Company's formation. Mr. Jafarnia, who holds a B.A. from
the University of Texas, a J.D. from
Temple University School of Law, and an
L.L.M. from Georgetown University Law
Center, has over 15 years of experience in the real estate and
financial services industry as an attorney, owner, principal,
compliance officer and executive. Mr. Jafarnia is currently
counsel in the Financial Services & Products Group and a member
of the REIT Practice Group in the New
York office of Alston & Bird, LLP.
Monty J. Bennett commented, "The
Board of Directors will be greatly enhanced by the additions of Mr.
Kessler and Mr. Jafarnia. Mr. Kessler has already been
instrumental in the growth and success of Ashford since its initial
public offering and has demonstrated great leadership ability in
his role as our President. Mr. Jafarnia has had many years of
experience as a real estate securities lawyer in the REIT industry,
which will greatly benefit the Company as Ashford continues to
grow."
The Company's Board of Directors has already initiated a search
to fill the last vacancy resulting from the increase in the Board's
size.
Effective January 19, 2013,
Ashford announced that the Board's Committees will be comprised of
the following members:
- Audit Committee: Thomas E.
Callahan – Chairman, W. Michael
Murphy, Philip S. Payne
- Nominating/Corporate Governance Committee: Martin L. Edelman – Chairman, Benjamin J. Ansell, Kamal Jafarnia
- Compensation Committee: Benjamin
J. Ansell – Chairman, Thomas E.
Callahan, Kamal Jafarnia
Ashford is a self-administered real estate investment trust
focused on investing in the hospitality industry across all
segments and at all levels of the capital structure.
Additional information can be found on the Company's website at
www.ahtreit.com.
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 forward-looking statements
include, but are not limited to, the timing for closing, the impact
of the transaction on our business and future financial condition,
our business and investment strategy, our understanding of our
competition and current market trends and opportunities and
projected capital expenditures. Such statements are subject
to numerous assumptions and uncertainties, many of which are
outside Ashford's 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's
filings with the Securities and Exchange Commission. EBITDA
is defined as net income before interest, taxes, depreciation and
amortization. EBITDA yield is defined as trailing twelve
month EBITDA divided by the purchase price. A capitalization
rate is determined by dividing the property's annual net operating
income by the purchase price. Net operating income is the
property's funds from operations minus a capital expense reserve of
either 4% or 5% of gross revenues. Funds from operations
("FFO"), as defined by the White Paper on FFO approved by the Board
of Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") in April 2002,
represents net income (loss) computed in accordance with generally
accepted accounting principles ("GAAP"), excluding gains (or
losses) from sales of properties and extraordinary items as defined
by GAAP, plus depreciation and amortization of real estate assets,
and net of adjustments for the portion of these items related to
unconsolidated entities and joint ventures.
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.
SOURCE Ashford Hospitality Trust, Inc.