Wachovia Securities is the sole book-running manager. The hotel REIT grants its underwriters a 30-day option to purchase an additional 660,000 common shares to cover over-allotments. If exercised, over-allotments would add just over $9 million from the offering. The stock offering is subject to customer closing conditions. Innkeepers will use the net proceeds to pay down a portion of its outstanding indebtedness under its unsecured line of credit.
Innkeepers USA owns upscale, extended-stay hotel properties throughout the US, primarily under the Residence Inn and Hampton Inn brands. It currently owns 69 hotels in 20 states and Washington, DC. They encompass a total of 8,725 suites and rooms. Its focus is on developing and/or acquiring extended-stay hotels with premium brands and in re-branding and repositioning other hotel properties.
The company trades under KPA on the NYSE. Shares of KPA common stock opened at $13.52 a share on Wed., Feb. 16. The 52-week high is $14.56 a share, which occurred on Jan. 3 this year. The 52-week low, $7.59 a share, occurred on April 30, 2004.
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