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.
Forward-Looking Statements
This press release contains forward-looking statements about
Strategic Hotels & Resorts, Inc. (the "Company"). Except for
historical information, the matters discussed in this press release
are forward-looking statements subject to certain risks and
uncertainties. Actual results could differ materially from the
Company's projections. Factors that may contribute to these
differences include, but are not limited to the following: the
effects of economic conditions and disruptions in financial markets
upon business and leisure travel and the hotel markets in which the
Company invests; the Company's liquidity and refinancing demands;
the Company's ability to maintain compliance with covenants
contained in the Company's debt facilities; stagnation or further
deterioration in economic and market conditions, particularly
impacting business and leisure travel spending in the markets where
the Company's hotels operate and in which the Company invests,
including luxury and upper upscale product; general volatility of
the capital markets and the market price of the Company's shares of
common stock; availability of capital; the Company's ability to
dispose of properties in a manner consistent with the Company's
investment strategy and liquidity needs; hostilities and security
concerns, including future terrorist attacks, or the apprehension
of hostilities, in each case that affect travel within or to
the United States, Germany, England or other countries where the Company
invests; difficulties in identifying properties to acquire and
completing acquisitions; the Company's failure to maintain
effective internal control over financial reporting and disclosure
controls and procedures; risks related to natural disasters;
increases in interest rates and operating costs, including
insurance premiums and real property taxes; delays and
cost-overruns in construction and development; marketing challenges
associated with entering new lines of business or pursuing new
business strategies; the Company's failure to maintain the
Company's status as a REIT; changes in the competitive environment
in the Company's industry and the markets where the Company
invests; changes in real estate and zoning laws or regulations;
legislative or regulatory changes, including changes to laws
governing the taxation of REITs; changes in generally accepted
accounting principles, policies and guidelines; and litigation,
judgments or settlements.
Additional risks are discussed in the Company's filings with
the Securities and Exchange Commission, including those appearing
under the heading "Item 1A. Risk Factors" in the Company's most
recent annual report on Form 10-K and subsequent quarterly reports
on Form 10-Q. Although the Company believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be attained. The forward-looking statements are
made as of the date of this press release, and we undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Strategic Hotels & Resorts, Inc.