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Strategic Hotels & Resorts, Inc. Announces Pricing Of Public Offering Of 16 Million Shares Of Common Stock

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April 18, 2012

Strategic Hotels & Resorts, Inc. Announces Pricing Of Public Offering Of 16 Million Shares Of Common Stock

Strategic Hotels & Resorts, Inc. (the “Company”) (NYSE: BEE) announced today that it priced its previously announced underwritten public offering of 16.0 million shares of its common stock (the “Offering”) at $6.50 per share. The Company has granted the underwriters a 30-day option to purchase up to 2.4 million additional shares of common stock to cover over-allotments, if any. The Company estimates that the net proceeds from the Offering after underwriting discounts and commissions and estimated offering expenses, will be approximately $99.4 million or approximately $114.4 million if the underwriters’ over-allotment option is exercised in full. Deutsche Bank Securities and Raymond James & Associates, Inc. are acting as joint book-running managers for the Offering.

The Company intends to use the net proceeds from the Offering for general corporate purposes, including, without limitation, reducing its borrowings under its secured bank credit facility, funding the payment of accrued and unpaid preferred dividends through the first quarter of 2012, repaying other debt and funding capital expenditures and working capital.

The Offering is expected to close on April 23, 2012, subject to customary closing conditions. The Company will issue all of the shares of common stock under its effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).

This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have been filed or will be filed with the SEC. When available, the final prospectus supplement and accompanying base prospectus may be obtained;

  • from Deutsche Bank Securities Inc., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One,?Jersey City, NJ?07311 or by calling (800) 503-4611 or by e-mail to?;
  • from?Raymond James?& Associates, Inc., 880 Carillon Parkway,?St. Petersburg, FL?33716, or by calling (800) 248-8863 or by e-mail; or
  • by visiting the EDGAR database on the SEC’s web site at?



Source: Strategic Hotels & Resorts

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