DALLAS, Feb. 21, 2017 /PRNewswire/ -- Ashford
Hospitality Trust (NYSE: AHT) ("Ashford Trust" or the "Company"), a
real estate investment trust focused on investing in the
hospitality industry in upper upscale, full-service hotels,
announced today that it has submitted a non-binding proposal to
acquire FelCor Lodging Trust (NYSE: FCH) ("FelCor") for a total
consideration of $9.27 per share,
based on closing prices as of February 17,
2017. FelCor shareholders would receive a fixed exchange
ratio of 1.192 shares of Ashford Trust, a total of 400,000 shares
of Ashford Inc. (NYSE MKT: AINC), and a total of 100,000 warrants
to purchase Ashford Inc. shares. This offer, based on Ashford
Trust's written non-binding proposal to FelCor's Board of Directors
on February 21, 2017, represents a
substantial premium of 28% over FelCor's current stock price of
$7.23 on February 17, 2017, a 23% premium to the
10-trading day volume weighted average price, and an 11% premium to
FelCor's 52-week high closing stock price of $8.34 on December 14,
2016.
Ashford Trust believes that the proposed combination has
compelling strategic, operational, and financial merit, presenting
the shareholders of FelCor and Ashford Trust with a significant
value creation opportunity. The combined company would be the
second-largest pure-play publicly traded lodging REIT by room count
and the third-largest by enterprise value.
Ashford Trust has attempted to conduct good faith discussions
with FelCor since early October 2016.
However, even with a fully-executed non-disclosure agreement in
place, FelCor has failed to meaningfully engage and has refused to
provide customary information, including historical property level
financial information, hotel management contracts,
franchise/license agreements, consolidated financial projections,
and other documents on Ashford Trust's customary due diligence
request list, which information would allow Ashford Trust to fully
evaluate this significant opportunity to unlock value for
shareholders of both companies. As a result, Ashford Trust, in
consultation with its financial and legal advisors, has now decided
to make the proposal public in order to inform FelCor's
shareholders of its intent.
"The benefits of this proposal are compelling. We believe the
combination would provide significant strategic and financial
benefits to both sets of shareholders and create a clear path
towards considerable long-term value creation far in excess of
FelCor's standalone prospects. Ashford Trust has a proven,
long-term track record of delivering substantial returns to
shareholders through a wide variety of strategic initiatives,
including transformative transactions, and we believe shareholders
will view our proposal favorably. While it remains our strong
desire to reach an agreement with FelCor on a friendly basis, we
are fully committed to pursuing this transaction and are prepared
to take all necessary steps to complete it, including nominating a
slate of independent directors to ensure that FelCor appropriately
considers our proposal," said Benjamin J.
Ansell, Lead Director of Ashford Trust.
In a letter to FelCor's Board of Directors, Ashford Trust detailed the potential strategic
and financial benefits of the proposed combination, including:
- Significant value creation potential for both sets of
shareholders;
- Operational and G&A efficiencies;
- Creation of the third largest pure-play lodging REIT by
enterprise value with a larger and more diversified portfolio of
159 properties and 36,657 keys, limiting exposure to market
specific volatility;
- Enhanced scale of combined platform should enable a larger
equity float and trading volume that could lead to multiple
expansion with increased growth opportunities and broad-based
access to multiple sources of capital;
- Strong balance sheet;
- Leading management team at Ashford Trust with proven track
record of delivering significant shareholder returns;
- Strong alignment of interest with management through high
insider ownership, backed by shareholder friendly corporate
governance; and
- A clear and credible strategy for the pro forma combined
company.
INVESTOR CALL AND SIMULCAST
The Company will
host a conference call on February 21,
2017 at 9:30 a.m. ET to
deliver a presentation on the proposed combination
opportunity. The presentation has been posted on the
Company's website at www.ahtreit.com under the "Investor"
section. The number to call for this interactive
teleconference is 877-876-9174. A replay of the conference call
will be available through February 28,
2017, by dialing 888-203-1112 and entering the passcode,
4671569.
The Company will also provide an online simulcast and
rebroadcast of this call, which will be available online at the
Company's web site, www.ahtreit.com on February 21, 2017 beginning at 9:30 a.m ET. The
online replay will follow shortly after the call and continue for
approximately one year.
A copy of the letter delivered to FelCor's Board of Directors on
February 21, 2017 is included
below:
February 21, 2017
The Board of Directors: Mr. Christopher
J. Hartung, Mr. Glenn A.
Carlin, Mr. Thomas J. Corcoran,
Jr., Mr. Robert F. Cotter,
Ms. Patricia L. Gibson, Mr.
Steven R. Goldman, Ms. Dana Hamilton, Mr. Charles A. Ledsinger, Mr. Robert H. Lutz, Jr. and Mr. Mark D. Rozells
FelCor Lodging Trust Incorporated
125 E. John Carpenter Freeway, Suite 1600
Irving, Texas 75062
Dear Members of the Board:
Over the past several months, we have engaged in discussions
with you regarding a business combination of FelCor Lodging Trust
Incorporated ("FelCor") and Ashford Hospitality Trust, Inc.
("Ashford", "AHT" or "We"). Ashford continues to believe that
a transaction between Ashford and FelCor has compelling strategic,
operational, and financial merit. A combination presents both
FelCor and Ashford shareholders with a value creation opportunity
and will additionally provide the shareholders of FelCor an
immediate premium for their shares and a material increase in their
dividend.
At this point, you have left us no choice other than to make our
proposal public. We want your shareholders to understand our
attractive proposal. We are not only making our proposal
public, but also nominating seven (7) directors for election to
FelCor's board due to your lack of responsiveness and willingness
to engage with us seriously. The goal of these directors, if
elected, will be to diligently work to maximize value for FelCor
shareholders by evaluating all options, including engaging with
Ashford in a more meaningful fashion regarding our proposal, in
accordance with their fiduciary duties. We are confident that
this highly qualified group of independent director nominees will
be supported by your shareholders and will diligently work to
maximize value for FelCor shareholders.
Background
Since October 2016, Ashford Trust and/or its advisors
have privately conducted more than twenty meetings, phone
conversations, and written correspondence with FelCor and/or its
advisors discussing the substance and merits of a
combination. Even though we executed a mutual non-disclosure
agreement on January 11, 2017, you
have been unwilling to share usual and customary information with
us, including historical property level financial statements and
property management agreements. Notwithstanding, we enhanced
our proposal in our February 2, 2017
letter to FelCor's Board of Directors, as requested, based on your
feedback and our sincere and determined interest in consummating
this value creating transaction. We were extremely
disappointed by your response letter on February 8, 2017 in which you rejected our
revised proposal in an unconstructive manner and attacked the
seriousness and substance of our proposal. It was an absolute
validation of what we believe to be your disregard to maximize
value for your shareholders. Maximizing shareholder value is
paramount for Ashford as evidenced by our significant long-term
shareholder return outperformance. We asked you back in
October not to extend your brand-managed property management
agreements that we believe were set to expire in an effort to
maximize value for your shareholders. Nevertheless, you
subsequently announced that you extended those contracts, which we
believe negatively impacted value for your shareholders. We
are even more disappointed to learn that, despite a substantial
value enhancing proposal on the table, you have decided to proceed
and announce the hiring of a new chief executive officer and
deprive your shareholders fair consideration of our proposal.
We can only reasonably conclude from your actions that you are
unwilling to engage in good faith discussions regarding a mutually
beneficial transaction, and that your actions to date have been
taken to merely provide the illusion of engagement if our proposal
were ever to become public. Perhaps we should not be
surprised by the actions of the FelCor Board which only seem to be
self-serving, considering that the tenured members of FelCor's
Board1 have served as directors for an average of more
than ten years. It is our understanding that a transaction
committee of your Board consisting of Mr. Carlin, Mr. Hartung, Mr.
Ledsinger, and Mr. Rozells was formed to review our proposal and
ultimately rejected it. This decision follows similar poor
decisions you have made in your oversight of FelCor during your
respective tenures as directors. The table below shows the
total shareholder return ("TSR") for FelCor as compared to AHT and
the Bloomberg Hotel REIT Index since each of the following
directors joined the board2:
Board
Member
(Year Joined the
Board)
|
FCH TSR
vs.
AHT
TSR
|
FCH TSR vs.
Bloomberg
Hotel REIT Index TSR
|
Mr.
Ledsinger3 (Completion Date
of Ashford IPO – August 29, 2003)
|
-184%
|
-153%
|
Mr. Rozells
(2008)
|
-256%
|
-79%
|
Mr. Carlin
(2009)
|
-175%
|
-43%
|
Mr. Hartung
(2010)
|
-60%
|
-43%
|
Source: Bloomberg as
of 2/17/17
|
FelCor has delivered the worst total return for shareholders
among lodging REIT peers over the past ten years, but the FelCor
Board has not been held accountable for such performance and its
poor track record of decision making. In light of the
FelCor's Board's failure to appropriately consider our
value-enhancing proposal, we believe that the time has come to take
appropriate and reasonable steps intended to result in prompt and
fair consideration of our proposal on behalf of FelCor
shareholders.
As we had provided in our February 2,
2017 letter to FelCor's Board of Directors, the following
are the key components of our proposal:
Value Proposition
We are proposing a
total consideration of $9.27 per each
FelCor share, based on a closing price of AHT as of February 17, 2017 and comprised of the following
per share amounts:
i.
|
A fixed exchange
ratio of 1.192 AHT shares per FelCor share, equivalent in the
aggregate to an approximate 58% ownership in the combined
company;
|
ii.
|
0.003 shares of
Ashford Inc. ("Advisor" or "AINC"), equivalent in the aggregate of
400,000 shares and approximately 20% ownership in AINC;
4 and
|
iii.
|
0.001 warrants to
purchase Ashford Inc. shares with a strike price of $100 per share
and an expiration date that is five years from the transaction
closing date, equivalent in the aggregate of 100,000
warrants.
|
We note that our previous total consideration of $9.31 per share has been reduced by $0.04 per share for incremental change of control
costs that we would now incur as a result of appointing the new
CEO. Despite the value leakage that your ill-advised action
created, our purchase price represents a substantial 28% premium to
the closing price of FelCor's stock on February 17, 2017, a 23% premium to the
10-trading day volume weighted average price, and an 11% premium to
FelCor's 52-week high closing stock price of $8.34 on December 14,
2016.
Our offer not only provides a substantial premium to FelCor
shareholders, but also provides the opportunity for FelCor
shareholders to meaningfully participate in the upside of both AHT
and Ashford Inc. shares resulting from the transaction.
Furthermore, FelCor shareholders will receive a 138% increase in
their quarterly dividend in the combined company.
Ashford Inc. believes there may be approximately $18 - $30 million of operational and G&A
efficiencies from this combination of Ashford and FelCor and is
willing to stand behind a significant portion of the projected
long-term, sustainable operating and G&A improvements that we
are forecasting by offering a one (1) year guarantee of up to
$18 million (sustainable operational
and G&A synergies), commencing six (6) months following the
completion of the transaction. The actual payment of this
guarantee, if needed, would come in the form of reduced advisory
fees paid to the Advisor. In order to finalize the terms of
this guarantee as well as validate our underwriting, we again seek
your cooperation in providing us with access to customary data,
including property level financial information. We believe
the offer of this guarantee provides greater certainty over the
operational improvements that the combined company will
generate.
Finally, research has shown that higher common stock trading
volume has led to higher valuation, all other variables held
constant. The greater float attained by combining our
companies could lead to multiple expansion to the lodging REIT peer
average.
Corporate Governance Enhancements and Advisory Agreement
Amendments
As part of our proposal, we will make the
following corporate governance enhancements and advisory agreement
amendments:
- We will adopt proxy access and are willing to work with you to
provide other refinements to governance to be announced in
conjunction with the shareholder vote to approve the
combination;
- Three (3) FelCor directors will have the opportunity to join
the board of AHT and our advisor, Ashford Inc., has indicated that
one (1) FelCor director will have the opportunity to join the board
of Ashford Inc.;
- As announced today, we are separating AHT's Chairman and CEO
roles, which is consistent with what we told you we would do;
and
- We will seek to negotiate and amend the advisory agreement
within one year of combining our companies to reflect similar
recent amendments made between Ashford Hospitality Prime and
Ashford Inc., where applicable. Any such amendment to the advisory
agreement will be subject to approval by independent committees of
both the AHT and Ashford Inc. Boards.
Strategic Rationale
We believe the
business and strategic logic of this combination is clear, and we
are confident in our view that our proposed transaction will
provide significant benefits and lead to long-term value creation
for both companies' shareholders. In fact, we believe the
substantial overlap between the shareholders of FelCor and Ashford
will reinforce the benefit from the value-creating combination of
our two companies and that such shareholders will be highly
supportive of the transaction. There are many benefits of
this combination for FelCor shareholders including:
- Immediate 28% Price Premium5 and
Participation in Long-Term Upside. Our proposal offers immediate
upside to your shareholders and a significant premium relative to
typical REIT merger transactions that have premiums in the 10-15%
range.
- Higher Stock Liquidity Leads to Better Valuation.
Academic research supports the thesis that higher stock liquidity
leads to higher valuation multiples.6 We have also found
consistent industry data that supports this conclusion as
well.
- Estimated Operational and G&A Synergies of $18 - $30 million with $18
million back-stopped by Ashford Inc. We see the
potential for meaningful value creation through the capitalized
value of up to tens of millions of dollars in estimated annual
operational synergies. We have shared with you historical
comparisons of Ashford's consistent outperformance relative to
FelCor on EBITDA flow-through. After comparing metrics between our
comparable properties, we continue to believe that we will be able
to bring this same level of operational outperformance to FelCor's
assets. We expect further due diligence would support our
analysis.
- A 138% Increase in Common Dividend of the Combined
Company. We plan to maintain our current common dividend post
combination, which would result in a 138% increase in the common
dividend for your shareholders.
- Ashford's Superior Performance vs. FelCor's Poor
Performance. We have outperformed both FelCor and the industry
average since our IPO in 2003. Your shareholders have suffered
significantly from your underperformance. Ashford Inc. and this
management team have a proven and measurable track record in
delivering exceptional operational and asset management
performance. Our structure provides solid shareholder alignment
through AHT's ownership of Ashford Inc. shares as well as Ashford
Inc. management's substantial ownership in our stock. The benefits
of our platform have been demonstrated through AHT's sizable share
price and total return outperformance versus the industry peers.
Over the past 10 years, AHT has materially outperformed its peers
and delivered total shareholder returns of approximately 75%
compared to negative (60%) for FelCor and (12%) for other lodging
REITs. Furthermore, the decrease in the value of FelCor's share
price since FelCor announced the appointment of a new CEO is an
indication that FelCor shareholders disagree with the decision to
proceed with your stated strategies rather than sell the Company.
Under our proposal, FelCor shareholders can expect to benefit from
the proven successful capabilities of the Ashford Inc. management
team.
- Ashford's Superior Strategy vs. FelCor's Misguided
Strategy. We have posted an investor presentation on our
website7 that walks through our credible and proven
strategy for long-term value creation, which we believe is superior
to the strategy that you have communicated to the market.
- Calls For Industry Consolidation and Sale of Company.
Several of your investors have spoken publicly about their desire
to see a sale of FelCor. At the same time, investors and analysts
in our sector have been calling for industry consolidation. We see
this as the perfect opportunity for consolidation, especially as
size will be an increasingly important factor in public market
trading and because we believe that there are significant synergies
and seamless integration potential, as both companies are based in
Dallas.
We are confident that our proposal is economically and
strategically compelling to your shareholders. We believe
your shareholders are ready for and deserve a change. In the
last ten years, FelCor's total return has been a negative 60%,
resulting in value impairment of nearly $845
million, while management and the board have spent over
$260 million in G&A
expenses. During this time, we believe FelCor has made
multiple inferior capital allocation decisions and strategy
shifts. A sample of what we view to have been inferior
decisions includes:
- An ill-timed investment into New York
City and subsequent announcement of your intention to exit
New York City.
- Your recent renewal of certain brand property management
contracts, despite our recommendation to hold off on sending
those.
- Spending millions in capital expenditures to convert assets to
different brands that have not delivered attractive returns.
- Equity raises at very dilutive prices.
Now FelCor has hired a new chief executive officer to lead the
company, forcing shareholders to again take the risk of furthering
this Board's agenda rather than engage in a merger with Ashford and
a management team that has materially outperformed FelCor. We
believe your shareholders deserve to hear a better
alternative. Our proposal provides a significant and
immediate premium to the current FelCor share price as well as the
substantial future upside in our combined company.
Furthermore, we believe that our proposal has a unique competitive
advantage for your shareholders over many cash proposals as we are
able to utilize a structure as a REIT that allows us to leave the
existing secured and unsecured notes in place. Therefore, we
believe will avoid the need to pay a significant make whole premium
to redeem these notes. We are also prepared to make any
required change of control offer required by either of the
indentures governing such notes. We are already far along in
the process of securing financing commitments for this purpose so
there will be no financing contingency in our binding
contract. In fact, UBS Investment Bank has already indicated
to us that it is highly confident that it can raise the required
financing. We believe that cash buyers would be burdened by
the significant make-whole provision required to redeem your bonds
at the current time. It is our view that recent renewal of
brand management contracts has impaired value and may lead to
declining interest from other management companies. We also
believe offers from other publicly-traded REITs are unlikely, given
Ashford has the most similar assets and investment strategy to
FelCor. Overall, we believe our proposal offers the best
outcome for FelCor shareholders.
Next Steps
As we have communicated
to you many times in the past, it was never our desire to make our
proposal public without your support. However, you have left
us with no choice. We have a duty to our shareholders to
pursue value maximizing opportunities on their behalf and believe
it is imperative that we continue to work towards effecting a
combination. As you know, we have already acquired a 4.5%
stake in FelCor, making us one of your largest shareholders.
We along with our advisers, UBS Investment Bank and Cadwalader,
Wickersham & Taft LLP, are prepared to engage immediately with
FelCor and its advisors. Assuming ready access to management
and detailed company information, we are fully prepared to conclude
our due diligence review within 30 days, concurrently with the
negotiation of a definitive merger agreement. We are also
prepared to continue to provide due diligence information to
FelCor. As we have indicated to you, and because the Board of
FelCor has been unwilling to engage with us in good faith, we are
nominating a slate of independent directors to ensure that FelCor
appropriately considers our proposal. We have identified a
highly competent, experienced and entirely independent slate of
directors willing to run for election to the FelCor
Board.
Our proposal contained in this letter is preliminary and
non-binding, and does not create any legally enforceable obligation
of AHT, our Advisor or FelCor unless and until a definitive
agreement is signed, which would contain customary terms and
conditions. Any final proposal is subject to the completion
of a due diligence review, the final approval of our respective
boards and the negotiation and execution of mutually acceptable
definitive transaction agreements.
It is our hope that the members of the FelCor Board will
carefully evaluate the financial and operational benefits of this
now-public proposal and elect to engage in a constructive dialogue
with us so that, together, we can expeditiously execute this very
compelling and transformative strategic business
combination.
Sincerely,
|
|
Benjamin J.
Ansell
Lead Independent Director
Ashford Hospitality Trust Inc
|
|
Cc:
|
Mr. Jonathan H.
Yellen
|
|
EVP, General
Counsel
|
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."
Contacts
Ashford Hospitality
Trust
|
Media
|
MacKenzie Partners,
Inc.
|
Deric
Eubanks
Chief Financial
Officer
(972)
490-9600
Jordan
Jennings
Investor
Relations
(972)
778-9487
|
Lex
Suvanto
(212)
729-2463
Lex.suvanto@edelman.com
Kara
Brickman
(212)
729-2443
Kara.brickman@edelman.com
|
Paul Schulman/Bob
Marese
(212)
929-5500
(800) 322
-2885
|
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 ability to
successfully integrate Ashford Trust and FelCor Lodging Trust
Incorporated ("FelCor"); and the ability to recognize the
anticipated benefits from the proposed combination of Ashford Trust
and FelCor, including the anticipated synergies resulting from the
proposed combination.
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.
Additional Information
This communication does not constitute an offer to buy or
solicitation of any offer to sell securities. This communication
relates to a proposal which Ashford Hospitality Trust, Inc.
("Ashford Trust") has made for a business combination transaction
with FelCor Lodging Trust Incorporated ("FelCor"). In furtherance
of this proposal and subject to future developments, Ashford Trust
(and, if a negotiated transaction is agreed, FelCor) may file one
or more registration statements, prospectuses, proxy statements or
other documents with the SEC. This communication is not a
substitute for any registration statement, prospectus, proxy
statement or other document Ashford Trust or FelCor may file with
the SEC in connection with the proposed transaction. INVESTORS AND
SECURITY HOLDERS OF ASHFORD TRUST AND FELCOR ARE URGED TO READ
CAREFULLY THE REGISTRATION STATEMENT(S), PROSPECTUS(ES), PROXY
STATEMENT(S) AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC IF
AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT ASHFORD TRUST, FELCOR AND THE PROPOSED
TRANSACTION. Investors and security holders may obtain free copies
of these documents (if and when they become available) and other
related documents filed with the SEC at the SEC's web site at
www.sec.gov or by directing a request to Ashford Trust's Investor
Relations department at Ashford Hospitality Trust, Inc., Attention:
Investor Relations, 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254 or by calling Ashford
Trust's Investor Relations department at (972) 490-9600. Investors
and security holders may obtain free copies of the documents filed
with the SEC on Ashford Trust's website at www.ahtreit.com under
the "Investor" link, at the "SEC Filings" tab.
Certain Information Regarding Participants
Ashford Trust and Ashford Inc. and their respective directors
and executive officers may be deemed participants in the
solicitation of proxies in connection with the proposed
transaction. You can find information about Ashford Trust's
directors and executive officers in Ashford Trust's definitive
proxy statement for its most recent annual meeting filed with the
SEC on April 25, 2016. You can find
information about Ashford Inc.'s directors and executive officers
in Ashford Inc.'s definitive proxy statements for its most recent
annual meeting and special meeting filed with the SEC on
April 28, 2016 and October 7, 2016, respectively. You can find
information about FelCor's directors and executive officers in
FelCor's definitive proxy statement for its most recent annual
meeting filed with the SEC on April 14,
2016. These documents are available free of charge at the
SEC's web site at www.sec.gov and (with respect to documents and
information relating to Ashford Trust) from Investor Relations at
Ashford Trust, as described above. Additional information
regarding the interests of such potential participants will be
included in one or more registration statements, proxy statements,
tender offer statements or other related documents filed with the
SEC if and when they become available.
____________________
1 Excludes the two newly appointed members in 2016
and two outgoing directors
2 Includes directors on the Transaction Committee
3 Mr. Ledsinger joined the FelCor Board in 1997
4 Ashford Inc. shares will be distributed from the
shares currently owned by AHT
5 Based on closing prices as of 2/17/17
6 Liquidity, The Value of the Firm, and Corporate
Finance - Amihud & Mendelson, 2008; The Value Impact of Stock
Liquidity: An International Evidence - Huang, Wu, Yu and Zhang,
2013; Stock Market Liquidity and Firm Value - Fang, Noe and Tice,
2008; The Effects of Stock Liquidity on Firm Value and Corporate
Governance: Endogeneity and the REIT Experiment - Cheung, Chung and
Fung, 2015.
7 www.ahtreit.com
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SOURCE Ashford Hospitality Trust, Inc.