The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Hospitality Properties Trust Announces Annual Meeting Results

Thursday, May 16, 2013

Hospitality Properties Trust Announces Annual Meeting Results

09:00 EDT Thursday, May 16, 2013

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

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections