February 19, 2016 / 2:39 PM / 4 years ago

FelCor agrees with activist hedge fund on two new directors

Feb 19 (Reuters) - FelCor Lodging Trust Inc said it had agreed with activist hedge fund Land and Buildings Investment Management LLC to appoint two independent directors to the real estate investment trust’s board.

Land and Buildings, run by former Citigroup REIT analyst Jonathan Litt, owned a 2.12 percent stake in FelCor as of Dec. 31 and was its tenth biggest shareholder, according to Thomson Reuters data.

FelCor, which owns a diversified portfolio of primarily upper-upscale and luxury hotels, has been under attack from Litt.

Litt has been pushing FelCor to buy back shares, reduce debt and consider selling itself.

FelCor said on Friday the two directors would also be appointed one each to the finance committee and the executive committee of its board. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below