Strategic Hotels & Resorts, Inc. Announces Pricing of Common Stock Public Offering
May 19 2006 - 8:00AM
PR Newswire (US)
CHICAGO, May 19 /PRNewswire-FirstCall/ -- Strategic Hotels &
Resorts, Inc. (NYSE:BEE) today announced that it has priced its
previously announced underwritten public offering of 14,000,000
shares of its common stock at $20.50 per share. The underwriters
have been granted a 30-day option to purchase up to an additional
2,100,000 shares of common stock at the public offering price to
cover over-allotments, if any. Net proceeds to the Company, after
underwriting discounts but before expenses, are expected to total
$277.2 million. The Company expects that the offering will be
completed on May 24, 2006, subject to customary closing conditions.
The offering will be made through an underwriting syndicate led by
Deutsche Bank Securities Inc. and Wachovia Capital Markets, LLC,
with Citigroup Global Markets, Inc., Raymond James &
Associates, Inc. and JMP Securities LLC as underwriters. The
Company expects to use the net proceeds from the offering to repay
amounts outstanding under its revolving credit facility, to
partially fund its acquisition of the Ritz-Carlton Laguna Niguel
hotel and for general corporate purposes. The communication shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
state. The offering of the shares will be made only by means of a
prospectus supplement and accompanying prospectus as filed with the
Securities and Exchange Commission. When available, copies of the
prospectus supplement and the accompanying prospectus may be
obtained from the offices of Deutsche Bank Securities Inc., 60 Wall
Street, New York, NY 10005, Attention: Syndicate Department, from
the offices of Wachovia Capital Markets, LLC, 375 Park Avenue, New
York, NY 10152, Attention: Syndicate Department or from the offices
of any of the other managing underwriters identified above. About
the Company Strategic Hotels & Resorts, Inc. is a real estate
investment trust (REIT) which owns and asset manages high-end
hotels and resorts. The Company has ownership interests in 18
properties with an aggregate of 8,463 rooms. For further
information, please visit the Company's website at
http://www.strategichotels.com/. DATASOURCE: Strategic Hotels &
Resorts, Inc. CONTACT: James Mead, Chief Financial Officer of
Strategic Hotels & Resorts, Inc., +1-312-658-5740; or Leslie
Loyet, Analyst Inquiries, +1-312-640-6672, or Tim Grace, Media
Inquiries, +1-312-640-6667, both of Financial Relations Board for
Strategic Hotels & Resorts, Inc. Web site:
http://www.strategichotels.com/
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