Strategic Hotels & Resorts Announces $254 Million Equity Offering

December 2, 2014

Willkie represents J.P. Morgan as sole book-running manager for the offering of common stock. 

On December 2, Strategic Hotels & Resorts, Inc. announced that it priced an underwritten public offering of 20,000,000 shares of its common stock. Willkie represented J.P. Morgan as sole book-running manager for the offering. The company has granted the underwriter a 30-day option to purchase up to 3,000,000 additional shares of common stock to cover over-allotments, if any. Total estimated gross proceeds of the offering are approximately $254 million, or approximately $292.1 million if the underwriter’s over-allotment option is exercised in full.

Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) that owns and provides value enhancing asset management of high-end hotels and resorts in the United States and Europe. The company currently has ownership interests in 16 properties with an aggregate of 7,865 rooms and 835,000 square feet of multi-purpose meeting and banqueting space.

The deal was handed by partner David Boston and associates Manny Miranda, Joe Antignani and Vanida Narrainen.