NEWTON, Mass.--Hospitality Properties Trust (NYSE: HPT) today
announced the results of its annual meeting of shareholders held today,
as follows:
Election of Trustees. William A. Lamkin was elected a trustee to
serve a three year term until the annual meeting in 2010. The following
is the preliminary tabulation of the percentage of eligible votes cast
for the election of Mr. Lamkin:
Percentage of Eligible
Trustee Votes In Favor
William A. Lamkin 86.59%
Other Matters. Four other substantive matters were considered at the
meeting. Three of these matters required a majority of eligible votes in
favor to be adopted and one matter required two thirds of eligible
votes in favor to be adopted. One of these matters was approved and the
other matters were not approved:
Percentage Of
Proposal Which Eligible Votes
Was Approved In Favor
An amendment to the
declaration of trust
to provide that any
shareholder who
violates the declaration
of trust or bylaws will
indemnify and hold
harmless the trust
from all costs and
damages (including
attorneys fees) arising
from the shareholder's
violation. 78.67%
Proposals Which Were Percentage Of Eligible
Not Approved Votes In Favor
An amendment to the
declaration of trust
to authorize the board
to divide or combine
outstanding shares
without a
shareholder vote. 24.36%
An amendment to the
declaration of trust
to change the shareholder
vote necessary for
certain actions and to
permit the required
vote necessary to
elect trustees or
for certain other
actions to be set
in the bylaws. 18.52%
Amendments to the
declaration of trust
to change the required
shareholder vote for
amendments to the
declaration, to
approve business
combinations or for
termination of the
trust. (This proposal
required a two thirds
vote for approval.) 18.04%
Shareholder Rights Plan. HPT historically adopted a 10 year
shareholders rights plan in 1997. The HPT Board began to consider
renewing the plan several weeks ago and today concluded that it is in
the best interests of all HPT shareholders to do so. HPT stated that the
renewed plan was not adopted as a result of information that anyone is
attempting to accumulate shares of HPT for the purpose of affecting a
change of control.
Under the renewed plan, shareholders will be able to purchase HPT
shares at a fifty percent (50%) discount to market prices whenever a
person or group acquires ten percent (10%) of HPT's outstanding shares,
except in certain circumstances. The purchase rights created by the
renewed plan will be automatically attached to all common shares
outstanding on or after May 31, the record date for the rights
distribution. The rights will not be represented by separate
certificates or be separately traded unless and until they become
exercisable. The rights may be redeemed by HPT anytime before they
become exercisable and at other times set in the renewed plan. The
rights will expire on May 15, 2017 unless they are redeemed before then.
A copy of the renewed shareholder rights plan is being filed with the
U.S. Securities and Exchange Commission on Form 8-K. For more
information about the renewed plan, interested persons may read the
complete plan which is available at the SEC public information offices
or the SEC website at www.sec.gov. A copy of the plan will also be
available at HPT's website www.hptreit.com, until June 30, 2007, and a
summary of the rights plan may be obtained by writing to Secretary,
Hospitality Properties Trust, 400 Centre Street, Newton, MA 02458.
Hospitality Properties Trust is a real estate investment trust
headquartered in Newton, MA which owns 310 hotels and 146 travel centers
located throughout the United States, in Ontario Canada and in Puerto
Rico.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THE FOREGOING PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS
WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995 AND THE FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS
ARE BASED UPON HPT'S PRESENT BELIEFS AND EXPECTATIONS, BUT THEY MAY NOT
OCCUR. FOR EXAMPLE, THIS PRESS RELEASE REPORTS THE PRELIMINARY
TABULATIONS OF VOTES OF SHAREHOLDERS AND IMPLIES THAT THE FINAL RESULTS
OF THE TABULATIONS OF VOTES WILL BE THE SAME. IN FACT, THE PRELIMINARY
TABULATIONS ARE SUBJECT TO FINAL COUNTINGS OF VOTES AND VERIFICATIONS
THEREOF BY THE APPOINTED INSPECTOR OF ELECTIONS. THE FINAL VOTES MAY BE
DIFFERENT FROM THE RESULTS IMPLIED BY THE PRELIMINARY TABULATIONS.
INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS IN THIS PRESS RELEASE.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Hospitality Properties Trust
Timothy A. Bonang
617-796-8149
Manager of Investor Relations
www.hptreit.com