Eagle owns 13 full-service and all-suite hotels, in 3,516 rooms in Arizona, California, Colorado, Florida, New York, Kentucky, Ohio, Illinois and Massachusetts. The joint venture is buying the locally based company for $13.35 per share and unit in cash, plus debt payments, and about $100 million for preferred stock. The JV will pay about $315 million for the 23.6 million shares, and will also take on about $265 million in debt.
Martz told GlobeSt.com in an earlier interview that SEC requirements must still be met for the deal, and brands such as Hilton, Marriott and Hyatt can refranchise with the JV. Eagle's stock was trading at $13.21 at press time, having started the week trading at less than $13 per share.
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