SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 8, 2005
ASHFORD HOSPITALITY TRUST, INC.
| MARYLAND | 001-31775 | 86-1062192 | ||
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer | ||
| Identification Number) |
| 14185 Dallas Parkway, Suite 1100 | ||
| Dallas, Texas | 75254 | |
| (Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: (972) 490-9600
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 8, 2005, the Compensation Committee of the Board of Directors for Ashford Hospitality Trust, Inc. (the “Company”) approved 2004 performance-based bonus payments to the Company’s executive management team as follows:
Montgomery J. Bennett, Chief Executive Officer |
$ | 531,250 | ||
Douglas A. Kessler, Chief Operating Officer |
$ | 300,000 | ||
David J. Kimichik, Chief Financial Officer |
$ | 234,000 | ||
David A. Brooks, Chief Legal Officer |
$ | 234,000 |
In addition, in 2004, the Company’s Board of Directors formed a Special Committee solely comprised of independent directors to evaluate the Company’s pending acquisition of a 21-property hotel portfolio. The Special Committee retained independent advisors to review, evaluate, and negotiate the transaction, which the Special Committee unanimously approved. On March 8, 2005, the Compensation Committee of the Board of Directors for the Company approved a payment of $195,000 to the Special Committee related to their services, as follows:
W. D.
Minami, Director and Chairman of the Special Committee |
$ | 60,000 | ||
W. Michael Murphy, Director |
$ | 45,000 | ||
Philip S. Payne, Director |
$ | 45,000 | ||
Charles P. Toppino, Director |
$ | 45,000 |
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 14, 2005
| ASHFORD HOSPITALITY TRUST, INC. | ||||
| By: | /s/ DAVID A. BROOKS | |||
| David A. Brooks | ||||
| Chief Legal Officer | ||||