Braemar Hotels & Resorts Inc | 5.50% Series B Cumulative Convertible Preferred Stock (AHP.PRB)
Prospectus excerpt: We are offering 290,850 shares of our 5.50% Series B Cumulative Convertible Preferred Stock (the "Series B Preferred Stock") pursuant to this prospectus supplement. We are conducting this offering to comply with our obligation to conduct an underwritten offering of the Series B Preferred Stock and provide for the listing of the Series B Preferred Stock on a national securities exchange pursuant to an agreement with the current holder of all of the currently outstanding 2,600,000 shares of Series B Preferred Stock.
Braemar Hotels & Resorts is an externally-advised real estate investment trust. Co. operates in the direct hotel investment segment of the hotel lodging industry. As of Feb. 24, 2017, Co. owned interests in 11 hotels in six states, the District of Columbia and St. Thomas, U.S. Virgin Islands comprising 3,702 total rooms, or 3,467 net rooms, excluding those attributable to Co.'s joint venture partner. The hotels in Co.'s portfolio are predominantly located in U.S. gateway and resort locations with favorable growth characteristics resulting from multiple demand generators.
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