DALLAS, Feb. 21, 2017 /PRNewswire/ -- Ashford Inc.
(NYSE MKT: AINC) ("Ashford" or the "Company") today announced that
it supports the non-binding proposal of Ashford Hospitality Trust
(NYSE: AHT) ("Ashford Trust") to acquire FelCor Lodging Trust
(NYSE: FCH) ("FelCor"). The board of directors of Ashford has
authorized Ashford to participate in the transaction on the terms
outlined in Ashford Trust's letter to FelCor, subject to completion
of a due diligence review and negotiation and execution of
definitive transaction agreements. Ashford believes its
participation in the proposed combination is in the best interests
of Ashford and its shareholders and that the proposed transaction
has compelling strategic, operational, and financial merit for the
shareholders of FelCor and Ashford Trust as well as Ashford.
Ashford provides global asset management, investment management
and related services to the real estate and hospitality
sectors.
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'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. 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 of
Ashford Trust to successfully integrate 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-
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 Trust has made for a business
combination transaction with FelCor that is supported by Ashford.
In furtherance of this proposal and subject to future developments,
Ashford, 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 Securities and
Exchange Commission (the "SEC"). This communication is not a
substitute for any registration statement, prospectus, proxy
statement or other document Ashford, Ashford Trust or FelCor may
file with the SEC in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS OF ASHFORD, 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, 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 requesting them in writing or
by telephone from Ashford at 14185 Dallas Parkway, Suite 1100,
Dallas, Texas 75254, Attn:
Investor Relations or (972) 490-9600. Investors and security
holders may obtain copies of the documents filed with the SEC on
Ashford's website, www.ashfordinc.com, under the "Investors"
link.
Certain Information Regarding Participants
Ashford Trust and Ashford 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's directors and executive officers in Ashford'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.
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SOURCE Ashford Inc.