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Chatham Lodging Trust and HG Vora Capital Reach Agreement

Chatham Lodging Trust and HG Vora Capital Reach Agreement

Chatham Lodging Trust said Monday it has reached a truce with an activist investor who was vying for seats on the REIT’s board of directors, The Deal Pipeline reports. Palm Beach, Fla.-based Chatham, an investor in upscale and extended-stay lodging hotels, said that as part of a deal reached with investor HG Vora Capital Management LLC the New York hedge fund has withdrawn its three nominees to Chatham’s board and agreed to certain standstill provisions covering the 2014 and 2015 annual meetings. In return Chatham has pledged to use net proceeds from the planned sale of its Innkeepers joint venture to buy new hotels, fund new joint ventures, and to distribute the rest as a special dividend.

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