Land and Building Makes Headlines with Activist Campaign at FelCor Lodging Trust
The Wall Street Journal, Reuters, Bloomberg and numerous local and industry media publications have reported on the activist campaign of Olshan client Land and Buildings at FelCor Lodging Trust, a real estate investment trust with a geographically diverse portfolio of high-quality hotels in major urban and resort markets. Land and Buildings outlined an in-depth, multi-step approach to value creation. The highlights of the plan include: selling the company’s New York City hotels (the Knickerbocker Hotel, the Royalton New York, and the Morgans New York) to pay down debt and buy back stock; sell the bottom 10% of the company’s portfolio to improve quality and generate cash proceeds to reduce net debt; enhance corporate governance by adding new directors and de-staggering the Board; and at the same time explore a company sale or liquidation. Steve Wolosky, Patrick Gadson and Bachar Mahmoud represent Land and Buildings in connection with its activist campaign at FelCor Lodging Trust.