February 21, 2017 / 2:15 PM / 6 months ago

Ashford Hospitality Trust offers to buy FelCor Lodging

Feb 21 (Reuters) - Lodging real estate investment trust Ashford Hospitality Trust Inc offered to buy FelCor Lodging Trust Inc in a deal worth about $1.27 billion.

Ashford Hospitality, which owns about 4.5 percent of FelCor's outstanding common shares, also said it nominated a slate of seven independent directors to FelCor's board.

Ashford Hospitality's offer of $9.27 per share represents a premium of 28.2 percent to FelCor's Friday close.

Reuters calculation of the offer price of $1.27 billion is based on FelCor's 137.5 million shares outstanding as of Sept. 30.

Ashford Hospitality, which invests in upper upscale and full-service hotels, said the combined company would be the second-largest pure-play publicly traded lodging real estate investment trust by room count and the third-largest by enterprise value. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

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