Sheraton Grand Sacramento Hotel
Source: Sheraton Grand Sacramento Hotel
A small firm is looking to make a change at a real estate investment trust, an area typically tough for activism.
Company: CIM Commercial Trust Corp. (CMCT)
- Business: Real estate investment trust that primarily acquires, owns, and operate Class A and office assets in the United States.
- Stock market value: $155 million ($10.46 per share)
Activist: Engine Capital
- Ownership: : 6.16%
- Average cost: $14.52
- Activist commentary: Engine Capital is an experienced activist investor led by managing partner Arnaud Ajdler, former partner and senior managing director at Crescendo Partners, L.P.
On May 18, Engine sent a letter to the company’s board calling on it to immediately stop any plans to raise equity and to commence a liquidation or a sale of the company. Engine expressed its concern that the board may be favoring the interests of its external operator and administrative services provider, CIM Group,…