DALLAS, May 14, 2024
/PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT)
("Ashford Trust" or the "Company") is pleased to report estimated
preliminary results of its 2024 Annual Meeting of Stockholders and
noted that Blackwells Capital LLC's ("Blackwells") attempted
withhold proxy campaign had no meaningful impact on its outcome.
Based on estimated preliminary results, only 7% of outstanding
shares voted on the Blackwells proxy card.
At today's Annual Meeting of Stockholders, based on the
estimated preliminary results, Ashford Trust's stockholders elected
seven nominees to the Board of Directors for one-year terms
including Amish Gupta, J. Robison Hays,
III, David W. Johnson,
Frederick J. Kleisner, Sheri L. Pantermuehl, Davinder "Sonny" Sra, and
Alan L. Tallis.
Additionally, based on the preliminary results and, due to ISS
recommendations that the Company believes were unsupported by the
facts, Monty J. Bennett and
Kamal Jafarnia did not receive a
majority of votes cast in favor of their election. Following the
annual meeting, in accordance with the director resignation policy
set forth in Section IX of the Company's Corporate Governance
Guidelines, each of Mr. Bennett and Mr. Jafarnia tendered their
resignation as a director for consideration by the Nominating and
Corporate Governance Committee of the Board of Directors of the
Company and for the ultimate decision of the Board. The Nominating
and Corporate Governance Committee recommended, after due
consideration, that the Board should not accept Mr. Bennett's and
Mr. Jafarnia's tendered resignations, and the Board did not accept
such resignations. As a result, Mr. Bennett and Mr. Jafarnia will
continue serving on the Board.
Blackwells' activist campaign had no meaningful effect on the
election.
Stockholders also approved an advisory resolution on executive
compensation and ratified the appointment of appointment of BDO
USA, P.C., a national public
accounting firm, as the Company's independent auditors for the
fiscal year ending December 31,
2024.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
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. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans, including the
Company's plan to pay down its strategic financing. 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," "could,"
"plan," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to numerous
assumptions and uncertainties, many of which are outside of Ashford
Trust'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: our ability to raise sufficient capital to pay off our
strategic debt; our ability to repay, refinance, or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets 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.
The forward-looking statements included in this press release
are made only as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. 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, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.