Sessa Capital sues Ashford Hospitality over director election

February 3, 2016 10:51 PM

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Activist investor Sessa Capital LP said it had sued real estate investment trust Ashford Hospitality Prime Inc over the provision of a large termination fee if shareholders elect a majority of directors not approved by the incumbent directors.

The lawsuit alleges that Ashford Hospitality's directors breached their fiduciary duties by inserting a change-in-control provision pertaining to shareholder elections, Sessa said in a statement on Wednesday.

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