Marriott news today about an activist investors making a play for a Board seat has MAR stock moving higher.
According to a recent report, Marriott (NASDAQ:MAR) is looking over a nomination for its Board of Directors. This nomination comes from activist investor Land & Buildings Investment Management, which has a minor stake in the company.
Land & Buildings Investment Management is seeking to place founder Jonathan Litt on Marriott’s Board of Directors. It also is reportedly pushing for MAR to tighten its brand portfolio, as well as make other changes, reports The Wall Street Journal.
The Marriott news about it considering Litt as a potential member of its Board of Directors has been confirmed by the company. However, it didn’t say anything about the talk that Land & Buildings Investment Management wants it to reduce its brand portfolio.
Land & Buildings Investment Management is an activist investor that often takes positions in real estate companies. This makes its push to influence hotel company Marriott a fit for its plans. However, the investor still doesn’t wield much power, with only a 0.03% stake in MAR stock at the end of 2018, Reuters notes.
The small stake in MAR stock is probably why Land & Buildings Investment Management is pushing to put its founder on Marriott’s Board of Directors. Gaining a Director at the company will give it more pull to make the changes that it believes will be best for investors.
MAR stock was up 1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.