Hospitality Properties Trust Announces Annual Meeting Results
May 27 2016 - 3:01PM
Business Wire
Hospitality Properties Trust (NYSE: HPT) announced the results
of its annual meeting held earlier this week, as follows:
Shareholders approved by the required share votes a non-binding
ratification of the appointment of Ernst & Young LLP as the
Trust’s independent registered public accounting firm.
A non-binding advisory resolution to approve the compensation
paid to the Trust’s named executive officers was approved by the
required share votes of shareholders.
A non-binding shareholder proposal by UNITE HERE that any future
election by the Trust to opt-in to provisions of the Maryland
Unsolicited Takeovers Act should not be made without shareholders’
prior approval was approved by a majority of the share votes
cast.
Donna D. Fraiche and William A. Lamkin, the Independent Trustee
nominees, and Adam D. Portnoy, the Managing Trustee nominee, each
received less than the majority of share votes for their election
and each offered to resign. Thereafter, the Trust’s Nominating and
Governance Committee and the Trust’s Board met and considered,
among other things, that applicable Securities and Exchange
Commission rules, New York Stock Exchange listing requirements and
the Trust’s governing documents require that the Trust have a
majority of Independent Trustees and at least two Managing Trustees
and that each of Ms. Fraiche, Mr. Lamkin and Mr. Portnoy had in the
past provided high quality services as Trustees. Based upon these
considerations and others, the Nominating and Governance Committee
recommended and the Board then decided to decline the offered
resignations and confirmed that Donna D. Fraiche and William A.
Lamkin, will continue to serve as an Independent Trustees and Adam
D. Portnoy will continue to serve as a Managing Trustee, each until
the next scheduled elections or until a successor qualifies.
Hospitality Properties Trust is a real estate investment trust,
or REIT, which owns a diverse portfolio of hotels and travel
centers located in 45 states, Puerto Rico and Canada. HPT’s
properties are operated under long term management or lease
agreements. HPT is managed by the operating subsidiary of The RMR
Group Inc. (NASDAQ: RMR), an alternative asset management company
that is headquartered in Newton, Massachusetts.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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version on businesswire.com: http://www.businesswire.com/news/home/20160527005766/en/
Hospitality Properties TrustKatie Strohacker, 617-796-8232Senior
Director, Investor Relationswww.hptreit.com
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