Strategic Hotels & Resorts Prices Public Offering - Quick Facts

(RTTNews) - Strategic Hotels & Resorts, Inc. (BEE) announced it has priced an underwritten public offering of 20 million shares of its common stock. Total estimated gross proceeds of the offering are approximately $254.0 million, or approximately $292.1 million if the underwriter's over-allotment option is exercised in full. The offering is expected to close on December 5, 2014.

The company intends to use the net proceeds from the offering to fund the acquisition of the Four Seasons Resort Scottsdale at Troon North, to redeem all of the issued and outstanding shares of its 8.25% Series B Cumulative Redeemable Preferred Stock, to fund possible future acquisitions, and for general corporate purposes, including, without limitation, reducing debt and funding capital expenditures and working capital.