
Since our formation, we have sought to be open
and transparent in our communications with
investors, to monitor our corporate overhead and to
follow corporate governance best practices. We
believe that we have the most transparent disclosure
in the industry, consistently going beyond the
minimum legal requirements and industry practice;
for example, we provide quarterly operating
performance data on each of our hotels enabling our
investors to evaluate our successes and our
failures. In addition, we have been able to acquire
and finance our hotels, asset manage them, complete
close to $200 million of capital expenditures on
time and on budget, and comply with the complex
accounting and legal requirements of a public
company with fewer than 20 employees and total
corporate expenses in 2008 of approximately $14.0
million. Finally, we believe that we comply with
best practices in corporate governance in that we
have an active and majority-independent Board of
Directors that is elected annually by a plurality of our stockholders, we do not have any substantial corporate or statutory anti-takeover devices and our directors and officers own a meaningful amount of our stock.
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