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FelCor to Sell Two NYC Properties

NEW YORK CITY—Activist shareholder Jonathan Litt has called on the lodging REIT to pursue a "value-enhancing strategy" that could include a sale of "a sale of all or part of the company."

By Paul Bubny | Updated on January 29, 2016

NEW YORK CITY—Following up on a letter from activist shareholder Jonathan Litt, FelCor Lodging Trust Inc. said Friday it’s in negotiations to sell its Morgans and Royalton hotels in New York. Litt, the founder and CIO of Land and Buildings Management, had called for Irving, TX-based FelCor to sell all three of its New York properties as part of a plan to enhance strategic value, which could include a sale of the company

Locally-based Litt wrote in a letter to FelCor’s board earlier this week that he believes the lodging REIT is “uniquely positioned in the hotel REIT sector to outperform and close the substantial gap between its share price and net asset value. The company’s suburban, airport and resort locations are insulated from elevated supply growth in the gateway markets, positioning the Company for superior growth compared to its lodging REIT peers in 2016.”

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