NEWTON, Mass.--(BUSINESS WIRE)--
Hospitality Properties Trust (NYSE: HPT) today announced the results of
its annual meeting held earlier this week as follows:
Shareholders approved, with 93% of all shares voted, the adoption of the
Hospitality Properties Trust 2012 Equity Compensation Plan.
Shareholders also approved, with 97% of all the shares voted, a
nonbinding advisory resolution approving the compensation paid to the
Company's named executive officers.
Shareholders approved, with 99% of all shares voted, the ratification of
appointment of Ernst & Young LLP as HPT's independent registered public
accounting firm.
Shareholders did not approve a non-binding proposal by the California
Public Employee Pension Plan, or CalPERS, requesting that HPT take steps
to require that all HPT Trustees stand for election each year. This
proposal received 68% of the votes outstanding, which is less than the
votes of 75% of the outstanding shares required for its adoption.
Mr. Adam D. Portnoy was re-elected as a Group II Managing Trustee,
receiving 53% of all shares voted.
Dr. Bruce M. Gans received 42% of the shares voted, which was less than
the majority of shares required to be re-elected as an Independent
Trustee. As a result, Dr. Gans resigned from the Board. The Board
determined that the insufficient vote for Dr. Gans appeared not to be
directed at any personal failings of Dr. Gans, but rather to be the
result of a policy position taken by the Board in opposition to
CalPERS's proposal. In these circumstances, and because of the Board's
determination that Dr. Gans's continued service would be in the Trust's
best interest, the Board requested that Dr. Gans accept appointment to
the vacancy created by his resignation. Dr. Gans subsequently accepted
appointment as a Group II Independent Trustee.
Hospitality Properties Trust is a real estate investment trust, or REIT,
which owns 290 hotels and 185 travel centers located in 44 states,
Puerto Rico and Canada. HPT is headquartered in Newton, Massachusetts.
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, 617-796-8232
Vice
President, Investor Relations
or
Carlynn Finn, 617-796-8232
Manager,
Investor Relations
www.hptreit.com