Investor Jonathan Litt Raises Stake in FelCor to About 6.4%
September 19 2016 - 4:40PM
Dow Jones News
Activist investor Jonathan Litt has raised his stake in hotel
owner FelCor Lodging Trust Inc. to approximately 6.4%, according to
regulator filings on Monday, as the lodging operator continues to
shake up its management team.
Earlier this year Mr. Litt's firm, Land & Buildings
Investment Management LLC, pushed the Irving, Texas-based
real-estate investment trust to sell three prime New York City
hotels and explore the sale of the entire company.
FelCor is still in the midst of marketing the Knickerbocker,
Morgans New York and Royalton New York hotels and has sold two
hotels, one in Nashville, Tenn., and another resort in California,
in recent weeks.
FelCor said in a statement on Monday that Richard A. Smith,
president and chief executive officer, has retired and Troy A.
Pentecost, the firm's existing chief operating officer, has been
appointed president and interim senior executive officer. Mr. Smith
also resigned from the company's board of directors but will remain
with FelCor in a nonexecutive role until the end of the year to
facilitate the transition.
In April, FelCor also appointed two new independent directors,
Patricia L. Gibson and Dana Hamilton to the board, as part of its
agreement in February with Mr. Litt to refresh its board.
FelCor's shares rose 2.3% in Monday trading. The shares are down
14.7% so far this year.
Write to Esther Fung at esther.fung@wsj.com
(END) Dow Jones Newswires
September 19, 2016 16:25 ET (20:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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