Wall Street PR

Strategic Hotels & Resorts, Inc. (NYSE:BEE) With Its Offering Of 36 Million Shares

Boston, MA 05/29/2014 (wallstreetpr) – Strategic Hotels & Resorts, Inc. (NYSE:BEE) today unanimously publicized that it priced a countersigned public offering of 36 million shares of its common stock at a sheer price of $10.50 per share. The underwriters have been granted period of 30 days to purchase up to 5.4 million additional shares of the common stock to cover the over-allotment if required. The estimated net proceedings from the offering, after making all the necessary deductions will be approximately $362.4 million. The same can extend up to $416.8 million, in case the over-allotment option is implemented at its stretch. The offering is anticipated to close by June 2, 2014, and the company plans to employ the net proceedings from the offering into its acquisition plan.

 Strategic Hotels & Resorts, Inc. (NYSE:BEE) To Acquire Rest Of Hotel del Coronado

Strategic Hotels & Resorts, Inc. (NYSE:BEE) lately announces to acquire the rest of the stakes in Hotel del Coronado. The company has signed a concord, which reveals that it would be acquiring the remaining 63.6% possession of the 757 room hotel for a substantial deal amount of $210 million. Right now the business owns 36.4% ownership. The lodging group would be paying the mortgage value of $475 million and the transaction deal of the asset values to a gross of $787 million. The management of Strategic Hotels is quite delighted as the hotel right now is practicing exceptional intensification which would be quite beneficial to the group.

 Strategic Hotels & Resorts, Inc. (NYSE:BEE) Spots A Rise In the Stock Market

Lately last week Strategic Hotels & Resorts, Inc. (NYSE:BEE) experienced a good seesaw in its shares, ranging from $10.66 – $10.97 thumping a new 52 week elevation of $10.97. Shares of the group accounted a trading quantity of 1.24 million shares, which is underneath its 3 months middling volume. Even these shares helped the firm to gain a handsome 7.89% in the last month.