Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Tue, February 11, 3:34 PM
This Slide: #124 of 631 |
Slide #124. DiamondRock Hospitality Company — Preferred Stock Offering
Company:
DiamondRock Hospitality Company (NYSE:DRH)
Date announced:
8/20/2020
Shares Offered:
4,400,000
Date of Pricing:
8/20/2020
Price Per Share:
$25.00
Preferred Stock Offering Details:
DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced it has priced an underwritten public offering of 4,400,000 shares of its 8.250% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), liquidation preference $25.00 per share. Gross proceeds to the Company will be approximately $110,000,000 before deducting underwriting discounts and offering expenses. The offering is expected to close on August 31, 2020, subject to customary closing conditions. As a part of the offering, the Company granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Series A Preferred Stock solely to cover over-allotments, if any. The Company has applied to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "DRH Pr A."
DiamondRock Hospitality Company is a self-advised REIT owning a geographically diverse portfolio of hotels in leisure destinations and gateway markets. Operating through DiamondRock Hospitality Limited Partnership, its primary business is acquiring, owning, renovating, and managing U.S. hotel properties. Notable hotels include Chico Hot Springs Resort, Lake Austin Spa Resort, Kimpton Shorebreak Fort Lauderdale Beach Resort, Tranquility Bay, Bourbon Orleans Hotel, Henderson Beach Resort, Cavallo Point, and more. The company owns about 36 hotels and resorts with over 9,700 guest rooms across 25 U.S. markets.
Preferred: DRH.PRA

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