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W2007 Grace Acquisition I, Inc.
6011 Connection Drive
Irving, TX 75039
Grace Acquisition I, Inc. is the result of the October 25, 2007 acquisition of Equity Inns, Inc. The company owned 111 hotels at closing.
The aggregate purchase price paid for all of the equity securities was approximately $2.2 billion, including assumed debt, which purchase price was funded by the equity financing from Whitehall Street Global Real Estate Limited Partnership 2007. Goldman Sachs provided financing in the aggregate principal amount of $1.8 billion.
Each share of common stock was converted into the right to receive $23.00, without interest, and (ii) each share of 8.75% Series B Cumulative Preferred Stock and 9.00% Series C Cumulative Preferred Stock of the Company outstanding immediately prior to the effective time of the Merger was converted into the right to receive one share of 8.75% Series B Cumulative Preferred Stock (WGCBP) and 9.00% Series C Cumulative Preferred Stock (WGCCP), respectively.
There are 3.45 million shares of 8.75% Series B Cumulative Preferred Stock and 2.4 million shares of 9.00% Series C Cumulative Preferred Stock outstanding.
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