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“Today's vote solidifies our position as the premier lodging REIT within the most profitable segment of the hotel market,” said Robert L. Johnson, Executive Chairman of RLJ. “We are very pleased with the overwhelming level of support that we received from both RLJ and FelCor shareholders. We look forward to closing this transaction at the end of the month and starting to unlock the strategic benefits of the merger.”
At the special meeting of RLJ shareholders, approximately 78% of the votes cast were voted in favor of the proposal related to the issuance of RLJ Common Shares in connection with the Merger.
At the special meeting of FelCor stockholders, approximately 81% of the outstanding shares of FelCor common stock were voted, with approximately 99% of the votes cast in favor of the Merger.
The Merger is expected to close on or about
About
About
Forward Looking Statements
Certain statements in this press release that are not in the present or
past tense or that discuss the expectations of RLJ and/or FelCor are
forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended. These forward looking
statements, which are based on current expectations, estimates and
projections about the industry and markets in which RLJ and FelCor
operate and beliefs of and assumptions made by RLJ management and FelCor
management, involve uncertainties that could significantly affect the
financial results of RLJ or FelCor or the combined company. Words such
as "expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," “forecast,” “guidance,” “outlook,” “may,” and “might” and
variations of such words and similar expressions are intended to
identify such forward looking statements, which generally are not
historical in nature. Such forward-looking statements may include, but
are not limited to, statements about the anticipated benefits of the
proposed merger between RLJ and FelCor, including future financial and
operating results, the attractiveness of the value to be received by
FelCor stockholders, the attractiveness of the value to be received by
RLJ, the combined company's plans, objectives, expectations and
intentions, the timing of future events, anticipated administrative and
operating synergies, the anticipated impact of the merger on net debt
ratios, cost of capital, future dividend payment rates, forecasts of FFO
accretion, projected capital improvements, expected sources of
financing, and descriptions relating to these expectations. All
statements that address operating performance, events or developments
that we expect or anticipate will occur in the future — including
statements relating to expected synergies, improved liquidity and
balance sheet strength — are forward looking statements. These
statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict.
Although we believe the expectations reflected in any forward-looking
statements are based on reasonable assumptions, we can give no assurance
that our expectations will be attained and therefore, actual outcomes
and results may differ materially from what is expressed or forecasted
in such forward looking statements. Some of the factors that may affect
outcomes and results include, but are not limited to: (i) national,
regional and local economic climates, (ii) changes in the real estate
industry, financial markets and interest rates, or to the business or
financial condition of either company or business (iii) increased or
unanticipated competition for the companies' properties, (iv) risks
associated with acquisitions, including the integration of the combined
companies' businesses, (v) the potential liability for the failure to
meet regulatory requirements, including the maintenance of REIT status,
(vi) availability of financing and capital, (vii) risks associated with
achieving expected revenue synergies or cost savings, (viii) risks
associated with the companies' ability to consummate the merger and the
timing of the closing of the merger, (ix) the outcome of claims and
litigation involving or affecting either company, (x) applicable
regulatory changes, and (xi) those additional risks and factors
discussed in reports filed with the Securities and Exchange
Commission ("
View source version on businesswire.com: http://www.businesswire.com/news/home/20170815006228/en/
Source:
RLJ Lodging Trust
Investors:
Leslie D. Hale, Chief Operating
Officer and Chief Financial Officer
301-280-7774
or
FelCor
Lodging Trust Incorporated
Investors:
Michael C. Hughes, Chief
Financial Officer
972-444-4967