Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 11:34 AM
|This Slide: #42 of 573|
Slide #42. Sunstone Hotel Investors, Inc. — Preferred Stock Offering
Sunstone Hotel Investors, Inc. (NYSE:SHO)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate in the hospitality sector, announced that it has priced an underwritten public offering of 4,000,000 shares of its 6.125% Series H Cumulative Redeemable Preferred Stock (the "Series H Preferred Stock") for gross proceeds of $100 million. The Company has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares solely to cover over-allotments, if any.
Sunstone Hotel Investors is a real estate investment trust. Co., through its 100% controlling interest in Sunstone Hotel Partnership, LLC (the Operating Partnership), of which Co. is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the TRS Lessee) and its subsidiaries, is engaged in acquiring, owning, asset managing and renovating or repositioning hotel properties, and may also selectively sell hotels. Most of Co.'s hotels are operated under brands such as Marriott, Hilton and Hyatt. Also, Co.'s hotels are operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries.
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Hold (2.00 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com