NEWTON, Mass.--(BUSINESS WIRE)--
Hospitality Properties Trust (NYSE: HPT) today announced the results of
its annual meeting held yesterday as follows:
Mr. William A. Lamkin received less than the majority of shares required
to be re-elected as an Independent Trustee. As a result, Mr. Lamkin
resigned from the Board. The Board determined that the insufficient vote
for Mr. Lamkin appeared not to be directed at any personal failings of
Mr. Lamkin, but rather to be the result of a policy position taken by
the Board in opposition to a proposal by the California Public
Employees' Retirement System, or CalPERS. In these circumstances, and
because of the Board's determination that Mr. Lamkin's continued service
and leadership would be in the Trust's best interest, the Board
requested that Mr. Lamkin accept appointment to the vacancy created by
his resignation. Mr. Lamkin subsequently accepted appointment as an
Independent Trustee.
Shareholders approved, with 94% 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 CalPERS
requesting that HPT take steps to require that all HPT Trustees stand
for election each year. This proposal received 65% of the votes
outstanding, which is less than the votes of 75% of the outstanding
shares required for its adoption.
Another matter scheduled to be voted upon at the meeting was a
non-binding proposal by UNITE HERE requesting that HPT take steps to
remove all super majority voting requirements. To be adopted, this
proposal required the affirmative vote of 75% of HPT's shares
outstanding and eligible to vote, or 92,728,068 shares. To be properly
presented for consideration at HPT's annual meeting in accordance with
applicable Maryland law, HPT believes that the UNITE HERE proposal
should have been presented by a UNITE HERE representative who held a
valid proxy from the registered owner of UNITE HERE's shares of HPT. A
person representing UNITE HERE appeared at the HPT annual meeting but
failed to produce a valid proxy. Accordingly, no vote on the UNITE HERE
proposal was or will be officially tallied. Nonetheless, HPT announced
that the number of shares which it appeared would have been voted in
favor of this proposal if it was properly presented was approximately
67,878,817, or less than the vote required for its adoption.
Hospitality Properties Trust is a real estate investment trust, or REIT,
which owns 289 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, Vice President,
Investor Relations
or
Carlynn Finn, Manager, Investor Relations
617-796-8232
www.hptreit.com