Temple Hotels has Centennial Group owning 5% of the REIT, having been a shareholder for close to 24 months. The initial play wasn't as an activist, but to exchange properties for shares - well now Centennial wants more.
It's nominated 5 directors fro the board. Centennial has noted that it has the support of Burgundy Asset Management, which is Temple Hotels' largest institutional shareholder with 15%.
Centennial is taking Temple to task over its "substantial financial, operating and governance problems." Temple does have an external manager, which always tends to be a red flag (think Portnoy and Commonwealth REIT).
After a number of missteps on the capital allocation front, Temple has cut its distribution twice in the last 12 months and now has "...a stressed balance sheet and industry-worst leverage of 85% (debt / enterprise value)."