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Monty Bennett

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Monty Bennett
Born1964 or 1965 (age 59–60)[1]
EducationCornell University (BS, MBA)
OccupationBusiness executive
EmployerAshford Inc.
TitleChairman and chief executive officer

Monty J. Bennett (born 1964 or 1965) is an American businessman who founded and is the chairman and CEO of Ashford Inc., a hospitality real estate company. He is also the publisher of the Dallas Express,[a] a news website launched in 2021 in Dallas, Texas. He is a Republican donor and is known for various political causes in Texas.

Early life and education

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Bennett grew up in Houston, Texas, as one of seven children. His father, Archie Bennett Jr., was also a hospitality executive. He earned a Bachelor of Science degree from the Cornell University School of Hotel Administration in 1988,[2] and a Master of Business Administration from Cornell University's Samuel Curtis Johnson Graduate School of Management in 1989.[3]

Real estate career

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In 1989, Bennett co-founded and joined Remington Hotels, a hotel company co-owned by his father.[2] He grew the business from six hotels to over 130 by 2020, including Braemar real estate investment trust which operates 13 resort properties.[1] He was CEO of Braemar Hotels & Resorts until 2016 and since 2013 has remained its chairman.[4] He is also the founder of Ashford, a company that advises both Braemar Hotels & Resorts and Ashford Hospitality Trust, two publicly traded real estate investment trusts.[5] Bennett was the CEO of Ashford Hospitality Trust from its founding until 2017, and he remains the firm's chairman.[6]

In 2020, a number of large companies were criticized for receiving funds distributed through the Paycheck Protection Program (PPP).[7] Bennett's Ashford company received $56 million,[7] the largest such distribution.[8] Ashford announced in May 2020 that it would return the money after the company received backlash.[7] Ashford had laid off or furloughed 95% of its 7,000 workers by late March 2020.[9] Bennett forfeited 25% of his 2019 earned bonus, took a 20% cut in salary which he later took in stock only.[10]

Bennett remained chairman of the board of Ashford Hospitality Trust after an attempt to replace him in 2024 by activist investor Blackwells Capital. He did not receive enough votes to be re-elected to the board at the company's annual shareholder meeting. The remaining board members followed the recommendation of the board's nominating and corporate governance committed and declined to accept Bennett's resignation.[11]

Political involvement

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Bennett donated more than $1.1 million to Donald Trump's presidential campaigns and to the Republican National Committee between the 2016 election and May 2020.[7][12] He has been a supporter of Texas Governor Greg Abbott.[13] He is active in the school privatization movement and in efforts to elect more conservatives to school boards.[14][13] He has been on the advisory boards of Texans for Education Reform and Texans for Education Rights.[5][13] A 2023 article in The Real Deal about Bennett's increased activities in politics and media said that he has "engaged in many political battles, and won quite a few", particularly relating to local issues in Texas.[13]

Bennett is the publisher of the Dallas Express, a conservative news website launched in 2021 in Dallas, Texas, that is unrelated to the African-American Dallas newspaper of the same name that published from 1892 to 1970.[15][16][13] In October 2020, The New York Times reported that Bennett had pitched a media network run by Brian Timpone to publish articles about topics ranging from COVID-19 stimulus legislation to U.S.–China policy.[17][18][8] Bennett announced his acquisition of the Dallas Express in February 2021.[15][19] That year, Bennett sued The Dallas Weekly, alleging libel over its unfavorable descriptions of the new Dallas Express, but the case was dismissed on appeal in 2022 in Monacelli v. Bennett.[20][13][21]

Personal life

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Bennett is married and has four children—two from a previous marriage, and two stepchildren. He lives in Dallas, where he has lived for more than 30 years. He also owns a 1,500-acre ranch in Athens, Texas, a portion of which has been in his family for three generations.[1] In 2014, he won an out-of-court settlement against the Tarrant Regional Water District to divert a pipeline from running across his property, having created a conservation district on his land and brought endangered animals to live on the land, amongst other exotic animals he already had.[1][22] He also had established a cemetery in the pipeline's path to thwart it.[13]

Notes

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  1. ^ Unrelated to the former African American newspaper of the same name that was active from 1892 to 1970.

References

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  1. ^ a b c d Walters, Natalie (July 5, 2020). "Villain or victim? How Dallas hotelier Monty Bennett became PPP's face of corporate greed". Dallas Morning News. Retrieved October 1, 2020.
  2. ^ a b "Schedule 14A - Ashford Hospitality Prime, Inc". U.S. Securities and Exchange Commission. April 28, 2017. Retrieved November 12, 2021.
  3. ^ "Monty Bennett". Bloomberg. Retrieved March 17, 2020.
  4. ^ "Ashford Hospitality Prime Rebranding to Braemar Hotels & Resorts" (Press release). National Association of Real Estate Investment Trusts. April 23, 2018.
  5. ^ a b "Monty J. Bennett". Global Hotel Network. Archived from the original on November 29, 2019. Retrieved November 12, 2021.
  6. ^ "Bennett, Monty J." The Wall Street Transcript. September 10, 2015. Retrieved March 17, 2020.
  7. ^ a b c d Stone, Madeline (May 4, 2020). "Everything we know about Monty Bennett, the Trump megadonor whose hotel conglomerate is returning its PPP funds after backlash". Business Insider. Retrieved November 12, 2021.
  8. ^ a b Simek, Peter (June 2021). "The Real Story Behind the Dallas Express". D Magazine. Retrieved November 12, 2021.
  9. ^ Gandel, Stephen (March 18, 2020). "Major hotel executive: "I've just cut 95% of my staff"". CBS News. Retrieved November 12, 2021.
  10. ^ "Dallas Hotel Owner is Biggest Beneficiary of Coronavirus". The Wall Street Journal. April 22, 2020. Retrieved July 31, 2023. Bennett's salary by 20% and deferred 25% of his $2.3 million cash bonus for last year, public filings show
  11. ^ Hethcock, Bill (May 20, 2024). "Monty Bennett survives attempt to oust him from top spot on REIT's board". Dallas Business Journal. Retrieved June 11, 2024. The remaining board members, however, declined to accept the resignations of Bennett or Jafarnia. That followed the recommendation of the board's nominating and corporate governance committee, the company said in May 14 announcement.
  12. ^ Markay, Lachlan (April 23, 2020). "Trump Donor Hired Trump-Tied Lobbyists, Then Raked in Coronavirus Relief Cash". The Daily Beast. Retrieved November 13, 2021.
  13. ^ a b c d e f g Sisson, Patrick (May 1, 2023). "The Many Battles of Texas Real Estate Mogul Monty Bennett". The Real Deal. Retrieved July 31, 2023.
  14. ^ Swartz, Mimi (February 13, 2023). "The Campaign to Sabotage Texas's Public Schools". Texas Monthly. Retrieved December 3, 2023.
  15. ^ a b Bengani, Priyanjana (October 14, 2021). "Advocacy groups and Metric Media collaborate on local 'community news'". Columbia Journalism Review. Retrieved November 12, 2021.
  16. ^ Simek, Peter (June 11, 2021). "The Real Story Behind the Dallas Express". D Magazine. Retrieved July 29, 2023.
  17. ^ Alba, Davey; Nicas, Jack (October 18, 2020). "As Local News Dies, a Pay-for-Play Network Rises in Its Place". The New York Times. Retrieved March 2, 2021.
  18. ^ "Advocacy groups and Metric Media collaborate on local 'community news'". Columbia Journalism Review. Retrieved November 12, 2021.
  19. ^ Tim Rogers (May 28, 2021). "An Editor's Note About Monty Bennett". D Magazine. Retrieved April 1, 2023.
  20. ^ Miranda, Janet (August 31, 2022). "Dallas Weekly Defeats Libel Claims Brought by Conservative Donor". Bloomberg Law. Retrieved July 29, 2023.
  21. ^ "Monty Bennett Loses in Court, Faces Possible Sanctions". D Magazine. August 31, 2022. Retrieved August 21, 2023.
  22. ^ Hanna, Bill (May 25, 2017). "Dallas settles legal fight with Monty Bennett over East Texas pipeline". Fort Worth Star-Telegram. Retrieved November 12, 2021.
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