RLJ Lodging Trust Board Appoints Ross Bierkan, EVP & Chief Investment
Officer As Interim CEO
BETHESDA, Md.--(BUSINESS WIRE)--Apr. 27, 2016--
Robert L. Johnson, Executive Chairman of RLJ Lodging Trust
(NYSE:RLJ) announced today that the Board has received and accepted the
resignation of Thomas J. Baltimore, Jr., as President & CEO of RLJ
Lodging Trust. Mr. Baltimore is resigning to become President & CEO of
Hilton Worldwide’s planned Hotel REIT. Mr. Baltimore’s
resignation is effective at RLJ Lodging Trust on May 11, 2016. Mr.
Baltimore is a co-founder with Mr. Johnson in the creation and
establishment of RLJ Lodging Trust and has served as its CEO since its
IPO in 2011. During Mr. Baltimore’s tenure as CEO, the company has
achieved considerable success. RLJ Lodging Trust has become one of the
largest hotel REITs with 125 hotels in 21 states with nearly 21,000
rooms with an enterprise value in excess of $4 billion.
Under Mr. Baltimore’s leadership, RLJ Lodging Trust has consistently
focused on strong asset management, prudent capital allocation and
maintaining a low levered balance sheet.
In response to Mr. Baltimore’s resignation, Mr. Johnson states, “On
behalf of RLJ Lodging Trust, I accept Tom’s decision to resign as CEO of
RLJ Lodging Trust. I have known Tom as a personal friend and a dynamic
business colleague for over 17 years. Tom, second only to Dr. John
Malone, is the most successful business executive and business leader
that I have had the good fortune to partner and work with. As CEO of RLJ
Lodging Trust, he has demonstrated the commitment to integrity,
transparency, and most of all, the ability to maximize value creation
for shareholders and other stakeholders in the company. His leadership
style helped to build RLJ Lodging Trust into a company that attracted
the best and brightest executive talent that I am confident will
continue to carry on his managerial style and business success. I
congratulate and wish him the very best of success in his new career
assignment.”
Tom Baltimore, in commenting on his resignation as CEO of RLJ Lodging
Trust said, “It is bittersweet to be leaving RLJ Lodging Trust. It has
been an honor and privilege to work with and partner with Bob Johnson
and the incredible team of men and women assembled over the last 17
years. I am proud of our achievements, especially over the last 5 years
as a public company. I am grateful to our Board and associates for their
unwavering support and encouragement. Joining Hilton Worldwide as
President & CEO of their planned hotel REIT is the only opportunity
within our industry that could have compelled me to make this move. I
look forward to the next chapter to work with Chris Nassetta and his
superb team at Hilton.”
Mr. Johnson also announced that the Board of Directors of RLJ Lodging
Trust has appointed Mr. Ross Bierkan, EVP & Chief Investment Officer, as
the interim CEO of RLJ Lodging Trust. Mr. Bierkan has worked with Tom
for the past 16 years. The Board also announced the formation of a CEO
search committee headed by Senator Evan Bayh, Chairman of the Governance
Committee, to conduct a search among internal and external candidates to
identify and hire a permanent CEO. The Board did not set a date for the
committee to commence its search.
Speaking on behalf of the Board of RLJ Lodging Trust, Mr. Johnson said,
“Ross has been an integral part of RLJ Lodging Trust from the very
beginning. As EVP & Chief Investment Officer, he has been a major
participant and a significant contributor to the strategic development
and execution of the RLJ Lodging Trust success story. We are confident
that he will be able to motivate and orchestrate management’s execution
of our company goals and objectives and continue to maximize shareholder
value.”
Commenting on Mr. Bierkan’s designation as interim CEO, Mr. Baltimore
said, “Ross has been a superb executive and trusted partner over the
last 16 years at RLJ Lodging Trust. As a seasoned hospitality executive,
he is experienced in hotel operations, and has led our acquisition team
since our launch in 2000. Ross has worked closely with every member of
our Executive team and our Board and has sound judgment and impeccable
integrity.”
About RLJ Lodging Trust: RLJ
Lodging Trust is a self-advised, publicly traded real estate investment
trust focused on acquiring premium-branded, focused-service and compact
full-service hotels. The Company owns 125 hotels with nearly
21,000 rooms and one planned hotel conversion across 21 states and the
District of Columbia.
Forward Looking Statements
Certain statements in this press release, other than purely
historical information, including estimates, projections, statements
relating to our business plans, objectives and expected operating
results, and the assumptions upon which those statements are based, are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally are
identified by the use of the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,”
“intend,” “should,” “may” or similar expressions. Although we believe
that the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, beliefs and expectations, such
forward-looking statements are not predictions of future events or
guarantees of future performance and our actual results could differ
materially from those set forth in the forward-looking statements. Some
factors that might cause such a difference include the following: the
current global economic uncertainty, increased direct competition,
changes in government regulations or accounting rules, changes in local,
national and global real estate conditions, declines in the lodging
industry, seasonality of the lodging industry, risks related to natural
disasters, such as earthquakes and hurricanes, hostilities, including
future terrorist attacks or fear of hostilities that affect travel, our
ability to obtain lines of credit or permanent financing on satisfactory
terms, changes in interest rates, access to capital through offerings of
our common and preferred shares of beneficial interest, or debt, our
ability to identify suitable acquisitions, our ability to close on
identified acquisitions and integrate those businesses and inaccuracies
of our accounting estimates. A discussion of these and other risks and
uncertainties that could cause actual results and events to differ
materially from such forward-looking statements is included in "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" of the Company's Annual Report on
Form 10-K for the year ended December 31, 2015. Given these
uncertainties, undue reliance should not be placed on such statements.
Except as required by law, we undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result of
new information, future events or otherwise.
For additional information or to receive press releases via email,
please visit our website: http://rljlodgingtrust.com
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Source: RLJ Lodging Trust
RLJ Lodging Trust
Investor Contact:
Leslie
D. Hale, Chief Financial Officer
301-280-7774
or
Media
Contact:
Michelle Curtis, Executive Assistant to
Executive Chairman
301-280-7701
