PURCHASE, NEW YORK, May 15, 2012 - Eagle Hospitality Properties Trust, Inc., a Maryland corporation (the "Company"), announced that Martin J. Bienenstock notified the Board of Directors of the Company yesterday that he was resigning from the Board effective immediately because of a change in his employment. Lauren Krueger, managing member of Esopus Creek Advisors LLC and the remaining director of the Company elected by the holders of Company's 8.25% Series A Cumulative Redeemable Preferred Shares, has elected Andrew L. Sole to fill the vacancy effective immediately. Mr. Sole's qualifications, as provided to the Company by Ms. Krueger, are set forth below. Esopus Creek Value Series Fund LP ("Esopus" or "Fund") notified the Board that it plans to nominate Mr. Sole, along with Ms. Krueger, for re-election at the Company's 2012 Annual Meeting of Stockholders.
Mr. Sole is founder and managing member of Esopus Creek Advisors LLC, the general partner of Esopus. Prior to the founding of Esopus in August 2005, Mr. Sole was a managing member at two predecessor funds, Esopus Creek Partners LLC and Esopus Creek Capital LLC, from March 2003 until July 2005. Mr. Sole has over twenty years of investment management experience, including investments in distressed and non-distressed assets. During his tenure at Esopus, Mr. Sole has represented the Fund in various bankruptcy cases including the Official Creditors Committees of Refco Inc., Fedders Inc., and Six Flags, Inc. and has served on the Official Committee of Equity Holders in the USG Corp. bankruptcy case. Mr. Sole is a licensed attorney in the State of New York. He received his J.D. from the Benjamin N. Cardozo School of Law at Yeshiva University where he graduated cum laude and was a member of the Order of the Coif honor society. Mr. Sole received his B.S. in Mathematics from Union College in Schenectady, New York.
CONTACT: Eagle Hospitality Properties Trust, Inc.
Patti Hawkins, Investor Relations, (214) 295-3607
PURCHASE, NY April 25, 2012 - Eagle Hospitality Properties Trust, Inc., a Maryland corporation (the "Company"), today announced the date of the 2012 Annual Meeting of Stockholders (the "Annual Meeting"). The Annual Meeting will be held on Tuesday, June 12, 2012, at 11:00 a.m., local time, in Conference Room 37D at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036. The Board of Directors has fixed the close of business on April 24, 2012 as the record date for the determination of stockholders of the Company entitled to notice of, and to vote at, the Annual Meeting.
The purposes of the Annual Meeting are: (1) for the holders of the Company's 8.25% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares") to elect two directors to the Company's Board of Directors; (2) for the holders of the Company's common stock, $0.01 par value per share, to elect five directors to the Company's Board of Directors; and (3) to transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof.
The Board of Directors has extended the time period permitted in the Bylaws of the Company for nominations for director by the holders of Series A Preferred Shares from ten days from this public announcement to the close of business on May 20, 2012. Such nominations should be sent to the Secretary of the Company at 2 Manhattanville Road, Purchase, New York 10577. Any stockholder's nomination shall include (1) the name, age and address of the stockholder and the nominee, a summary of the qualifications of the nominee to serve as a director and a statEement of the number of Series A Preferred Shares that are owned beneficially or of record by the stockholder and the nominee; (2) a certificate from the nominee confirming his or her willingness to serve as a director and that he or she meets the director qualification requirements set forth in the Bylaws of the Company; and (3) any other information required by the Bylaws of the Company.
Eagle Hospitality Properties Trust, Inc. is not soliciting proxies in connection with the Annual Meeting, and holders of Series A Preferred Shares are requested not to send a proxy to Eagle Hospitality Properties Trust, Inc. in connection with the Annual Meeting.
Please refer to the charter of Eagle Hospitality Properties Trust, Inc. (f/k/a AP AIMCAP Corporation), including the Articles Supplementary of Eagle Hospitality Properties Trust, Inc. (f/k/a AP AIMCAP Corporation) for a description of the Series A Preferred Shares and to the Bylaws for a description of the procedures for nominating a director. A copy of the charter and Bylaws, and certain information relating to the Series A Preferred Shares, can be found on the Company's website at www.eaglehospitality.com.
CONTACT: Eagle Hospitality Properties Trust, Inc.
Patti Hawkins, Investor Relations, (214) 295-3607
Request restructuring of loan for Eagle's hotel properties
PURCHASE, NY - March 30, 2012 - Representatives of Eagle Hospitality Properties Trust, Inc. ("Eagle") announced today that the Federal Reserve Bank of New York ("FRBNY") had granted them a meeting regarding their request to restructure a portfolio of commercial real estate loans secured by Eagle's hotel properties and related assets. At the meeting, a possible means of restructuring was discussed between FRBNY and Eagle. The loans, which mature in September 2012, were acquired by FRBNY from Bear Stearns as part of the United States government's acquisition of certain Bear Stearns' assets in JPMorgan Chase's takeover of Bear Stearns in 2008.
A restructuring of the loans could be beneficial for all the loan parties and to third parties, including investors and hotel workers, whose livelihood and investments are tied to the successful operation of the underlying hotel properties.
While Eagle was encouraged by its discussions with FRBNY, there is no restructuring agreement in place. Therefore, Eagle, working with the Business Solutions & Governance Department at Dewey & LeBoeuf, is simultaneously exploring all available alternatives and strategies to restructure the loans, including a potential chapter 11 bankruptcy case. It remains Eagle's hopes that all litigation scenarios will be avoided.
Certain information relating to Eagle can be found on its website at www.eaglehospitality.com.
CONTACT: Eagle Hospitality Properties Trust, Inc.
Patti Hawkins, Investor Relations, (214) 295-3607
Purchase, NY (March 15, 2012) - Eagle Hospitality Properties Trust, Inc. today announced that it will not declare a first quarter 2012 dividend with respect to the 8.25% Series A Cumulative Redeemable Preferred Shares due to the continuation of the depressed economic environment for hotel operations.
Please refer to the Articles of Incorporation of Eagle Hospitality Properties Trust, Inc. (f/k/a AP AIMCAP Corporation) and Articles Supplementary of Eagle Hospitality Properties Trust, Inc. (f/k/a AP AIMCAP Corporation) for a description of the 8.25% Series A Cumulative Redeemable Preferred Shares.
Certain information relating to the 8.25% Series A Cumulative Redeemable Preferred Shares can be found on the company's website at www.eaglehospitality.com.
CONTACT: Eagle Hospitality Properties Trust, Inc.
Patti Hawkins, Investor Relations, (214) 295-3607
PURCHASE, NY (March 14, 2012) -- Eagle Hospitality Properties Trust, Inc. today announced that it has engaged the law firm of Dewey & LeBoeuf LLP to evaluate strategic alternatives for the Company. Martin Bienenstock will serve as lead counsel for the engagement. Mr. Bienenstock is chair of the firm's Business Solutions & Governance Department, chair of the firm's Consumer Financial Services Group and a member of the Executive Committee. Mr. Bienenstock is a director of the Company, who was elected by the holders of the Company's 8.25% Series A Cumulative Redeemable Preferred Shares.
CONTACT: Eagle Hospitality Properties Trust, Inc.
Investor Relations, (214) 295-3607
PURCHASE, NY, July 12, 2011 - Eagle Hospitality Properties Trust, Inc., a Maryland corporation (the "Company"), today announced that on June 28, 2011 it resumed its 2011 Annual Meeting of Stockholders in New York, New York (the "Resumed Annual Meeting"), which was originally held and adjourned on April 12, 2011. At the Resumed Annual Meeting, a quorum of the Company's outstanding 8.25% Series A Cumulative Redeemable Preferred Shares, $0.01 par value per share ("Series A Preferred Shares"), was present, in person or by proxy, and each of Martin J. Bienenstock and Lauren A. Krueger was elected to hold office until the Company's next annual meeting of stockholders and until his or her successor is duly elected and qualifies or until all dividends accumulated on the Series A Preferred Shares have been paid or set aside for payment.
CONTACT: Eagle Hospitality Properties Trust, Inc.
Patti Hawkins, Investor Relations, (214) 295-3607
March 18, 2010 - EAGLE HOSPITALITY PROPERTIES TRUST, INC. UPDATE ON FIRST QUARTER 2011 DIVIDEND
April 7, 2011 - EAGLE HOSPITALITY PROPERTIES TRUST, INC. UPDATE ON PREFERRED DIRECTOR NOMINEES
April 22, 2011 - EAGLE HOSPITALITY PROPERTIES TRUST, INC. ADJOURNS ANNUAL MEETING OF STOCKHOLDERS
June 17, 2011 - EAGLE HOSPITALITY PROPERTIES TRUST, INC. UPDATE ON SECOND QUARTER 2011 DIVIDEND
September 13, 2011 - EAGLE HOSPITALITY PROPERTIES TRUST, INC. UPDATE ON THIRD QUARTER 2011 DIVIDEND
December 15, 2011 - EAGLE HOSPITALITY PROPERTIES TRUST, INC. UPDATE ON FOURTH QUARTER 2011 DIVIDEND