After months of direct negotiations failed to produce an agreement, Ashford Hospitality Trust (NYSE: AHT) today went public with its bid for rival lodging REIT, FelCor Lodging Trust (NYSE: FCH), launching an unusual hostile takeover bid in the normally gentile REIT sector. Ashford announced a nonbinding offer to buy FelCor for about $1.28 billion in a stock-for-stock exchange. Barring a successful outcome along that front, Ashford also nominated a slate of seven new members to join FelCor’s board. 

Ashford Hospitality currently owns 4.5% of FelCor’s outstanding stock. Dallas-based Ashford said it has unsuccessfully attempted to conduct merger discussions with FelCor since early October 2016, claiming FelCor has "failed to meaningfully engage and has refused to provide customary information."