US shareholder activists target hotels
They seek opportunities to maximise value at companies seen as laggards in a sector that is outperforming others, reports NADJA BRANDT
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HOTEL owners and operators are catching the attention of US shareholder activists as surging property values spur investors to press for higher returns at companies seen as laggards.
Strategic Hotels & Resorts, owner of Manhattan's JW Marriott Essex House, is under pressure from Orange Capital to consider a sale. Morgans Hotel Group, an operator of boutique properties, is being targeted by both billionaire Ron Burkle and an activist firm after a shareholder ouster of its board. Chatham Lodging Trust last month rejected a takeover bid from a top investor that is considering more moves.
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