Investor Jonathan Litt Raises Stake in FelCor to About 6.4%

Activist investor Jonathan Litt has raised his stake in hotel owner FelCor Lodging Trust Inc. to approximately 6.4%, according to regulator filings on Monday, as the lodging operator continues to shake up its management team.

Earlier this year Mr. Litt's firm, Land & Buildings Investment Management LLC, pushed the Irving, Texas-based real-estate investment trust to sell three prime New York City hotels and explore the sale of the entire company.

FelCor is still in the midst of marketing the Knickerbocker, Morgans New York and Royalton New York hotels and has sold two hotels, one in Nashville, Tenn., and another resort in California, in recent weeks.

FelCor said in a statement on Monday that Richard A. Smith, president and chief executive officer, has retired and Troy A. Pentecost, the firm's existing chief operating officer, has been appointed president and interim senior executive officer. Mr. Smith also resigned from the company's board of directors but will remain with FelCor in a nonexecutive role until the end of the year to facilitate the transition.

In April, FelCor also appointed two new independent directors, Patricia L. Gibson and Dana Hamilton to the board, as part of its agreement in February with Mr. Litt to refresh its board.

FelCor's shares rose 2.3% in Monday trading. The shares are down 14.7% so far this year.

Write to Esther Fung at [e-mail]

(END) Dow Jones Newswires

September 19, 2016 16:25 ET (20:25 GMT)

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