DiamondRock Hospitality Co. | 8.25% Series A Cumulative Redeemable Preferred Stock (DRH.PRA)
Prospectus excerpt: We are offering 4,400,000 shares of our 8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"). We will pay cumulative dividends on the Series A Preferred Stock from the date of original issue at a rate of 8.250% per annum of the $25.00 liquidation preference per share (equivalent to an annual rate of $2.0625 per share). Dividends on the Series A Preferred Stock will be payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year, beginning September 30, 2020. The Series A Preferred Stock will rank senior to our common stock with respect to dividend rights and rights upon our liquidation, dissolution or winding up.
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.