PFD Holdings, LLC owns 58.8% of Preferred Shares (8/13/13)
IRVING, TEXAS — August 13, 2013 — W2007 Grace Acquisition I, Inc. (the “Company”) today announced that PFD Holdings, LLC (“PFD”), an affiliate of the Whitehall funds, notified the Company that it has recently acquired 24.3% of the aggregate amount of issued and outstanding Series B and Series C preferred shares of the Company, which acquired shares remain outstanding. PFD now owns 58.8% of the outstanding preferred shares.
PFD has also informed the Company of its intention to consider a tender offer for the remaining preferred shares of the Company later in 2013.
In light of these events, the Company has postponed the special meeting of the preferred shareholders for the purpose of electing two additional directors to the Company’s Board of Directors.
The Amended and Restated Charter of W2007 Grace Acquisition I, Inc. is available on the Company’s website, www.equityinns.com, and contains a description of the 8.75% Series B Cumulative Preferred Stock and 9.00% Series C Cumulative Preferred Stock.
CONTACT: W2007 Grace Acquisition I, Inc. Dan Smith Tel: (972) 368-2081