BETHESDA, MD–The final processes to close the RLJ Lodging Trust and FelCor Lodging Trust $7 billion stock-for-stock transaction in which FelCor becomes a subsidiary of RLJ, now have dates on the calander.
The deal is expected to close on or about Aug. 31, 2017.
On July 6, the record date for determining shareholders and stockholders entitled to vote will close.
Then, the two REITs will hold separate meetings for their shareholders at their respective headquarters on Aug. 7.
RLJ shareholders will vote on the issuance of common shares of beneficial interest of stock in connection with the deal. FelCor shareholders will be asked to approve the merger.
Last month RLJ provided more details via a regulatory filing about the deal.
It said it would focus on two particular asset types within FelCor's portfolio: compact full-service and upscale limited service/urban locations. These asset types have less square footage, fewer food and beverage outlets, limited meeting space and majority of revenue comes from the hotel rooms, it explained.
RLJ also intends to recapitalize FelCor's capital structure and sell off the REIT's non-strategic assets, as well as do some selective repositioning.
BETHESDA, MD–The final processes to close the RLJ Lodging Trust and FelCor Lodging Trust $7 billion stock-for-stock transaction in which FelCor becomes a subsidiary of RLJ, now have dates on the calander.
The deal is expected to close on or about Aug. 31, 2017.
On July 6, the record date for determining shareholders and stockholders entitled to vote will close.
Then, the two REITs will hold separate meetings for their shareholders at their respective headquarters on Aug. 7.
RLJ shareholders will vote on the issuance of common shares of beneficial interest of stock in connection with the deal. FelCor shareholders will be asked to approve the merger.
Last month RLJ provided more details via a regulatory filing about the deal.
It said it would focus on two particular asset types within FelCor's portfolio: compact full-service and upscale limited service/urban locations. These asset types have less square footage, fewer food and beverage outlets, limited meeting space and majority of revenue comes from the hotel rooms, it explained.
RLJ also intends to recapitalize FelCor's capital structure and sell off the REIT's non-strategic assets, as well as do some selective repositioning.
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