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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, August 14, 9:09 PM
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Slide #75. 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 is a lodging-focused real estate investment (REIT) company that owns a portfolio of hotels and resort. Co.'s hotels are operated under a brand owned by one of the lodging brand companies (Marriott International, Inc., or Hilton Worldwide). Co. conducts its business through an umbrella partnership REIT, in which its hotel properties are owned by its operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of its operating partnership. Co. is the sole general partner of its operating partnership and owns, either directly or indirectly, all of the limited partnership units of its operating partnership.
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Avg. Broker Rec.
  
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Buy (2.56 out of 4) 8th percentile
(ranked lower than approx. 92% of all stocks covered)
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