Eagle owns 13 full-service and all-suite hotels, in 3,516 roomsin Arizona, California, Colorado, Florida, New York, Kentucky,Ohio, Illinois and Massachusetts. The joint venture is buying thelocally based company for $13.35 per share and unit in cash, plusdebt payments, and about $100 million for preferred stock. The JVwill pay about $315 million for the 23.6 million shares, and willalso take on about $265 million in debt.
Martz told GlobeSt.com in an earlier interview that SECrequirements must still be met for the deal, and brands such asHilton, Marriott and Hyatt can refranchise with the JV. Eagle'sstock was trading at $13.21 at press time, having started the weektrading at less than $13 per share.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
