Strategic Hotels & Resorts, Inc. To Redeem All Outstanding Shares Of Its 8.50% Series A Cumulative Redeemable Preferred Stock (3/03/14)
CHICAGO, March 3, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it intends to redeem all of the outstanding 4,148,141 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: BEE-PA) (the "Series A Preferred Shares") on April 3, 2014 (the "Call Date"). The Series A Preferred Shares will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to and including the Call Date in the amount of $0.54896 per share, for a total redemption cost of $105,980,688.48. From and after the Call Date, dividends will cease to accrue and the only remaining rights of holders of Series A Preferred Shares will be to receive payment of the redemption price, plus accrued and unpaid dividends up to and including the Call Date.
The notice of redemption and other materials relating to the redemption of shares of the Series A Preferred Shares will be mailed to holders of record of such shares on or about March 4, 2014. As will be specified in the notice of redemption, payment of the redemption price will be made only upon presentation and surrender of the certificates representing the Series A Preferred Shares to the redemption agent, Computershare Trust Company, N.A. If delivered by mail, certificates should be sent to 250 Royall Street, Canton, MA 02021, Attn: Corporate Actions. Questions relating to the notice of redemption of the Series A Preferred Shares should be directed to Computershare Trust Company, N.A. at 1-855-396-2084.
Strategic also declared a cash dividend of $0.51563 per share of its 8.25% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Shares") and a cash dividend of $0.51563 per share of its 8.25% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Shares"). The Series B Preferred Share and Series C Preferred Share dividends are each payable on or about March 31, 2014, to shareholders of record of each of the Series B Preferred Shares and Series C Preferred Shares, respectively, as of the close of business on March 14, 2014.
About Strategic Hotels & Resorts
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value enhancing asset management of high-end hotels and resorts in the United States and Europe. The Company currently has ownership interests in 17 properties with an aggregate of 8,099 rooms and 847,000 square feet of multi-purpose meeting and banqueting space. For a list of current properties and for further information, please visit the Company's website at www.strategichotels.com.
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