Activist investor Land and Buildings, which owns about 2 percent in U.S. real estate investment trust RLJ Lodging Trust, urged the REIT to consider selling itself.
RLJ’s management has been disappointing and the company’s performance casts doubt on its ability to unlock shareholder value, Land and Buildings said in a statement on Wednesday.
The activist investor said the REIT should provide a comprehensive plan outlining how the company would achieve a valuation that is better than Blackstone Group LP’s all-cash offer it had earlier rejected.
Blackstone had earlier in the year offered to buy RLJ for about $3 billion, according to the Wall Street Journal.
RLJ’s shares were up 1.7 percent at $20.44 in morning trade.