Eagle Hospitality Properties Trust is real estate investment trust that owns 13 upscale full-service, all-suite hotels in Puerto Rico, Arizona, California, Colorado, Florida, New York, Kentucky, Ohio, Illinois, and Massachusetts. That's over 3,500 guest rooms, and includes brand names of Marriott, Hilton Embassy Suites, and Hyatt.
On August 15, 2007, Eagle Hospitality Properties Trust, Inc. completed a merger with AP AIMCAP Holdings LLC, a Delaware limited liability company (also known as "New Eagle"), a joint venture of Apollo Real Estate Venture Fund V, L.P. and AIMCAP VII LLC, pursuant to a Plan of Merger, dated as of April 27, 2007. The joint venture acquired all of the outstanding common stock of the Company in an all-cash transaction valued at approximately $259,228,671. The joint venture did not acquire any of the shares of the Company's 8.25% Series A Cumulative Redeemable Preferred Stock, which was converted on a one-for-one basis into shares of Merger Sub's 8.25% Series A Series A Cumulative Redeemable Preferred Stock. The Merger Sub Preferred Stock has terms identical to the terms of the Company Preferred Stock. In connection with the Merger, the common stock and the Company Preferred Stock ceased trading on the New York Stock Exchange after the closing of the market on August 15, 2007. Also upon consummation of the merger, Merger Sub changed its name to Eagle Hospitality Properties Trust, Inc.
Eagle Hospitality Properties Trust, 8.25% Series A Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/14/2010 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8.25% ($2.0625) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company.