COVINGTON, KY-The common shareholders of Eagle Hospitality Properties Trust have approved a $680-million buy-out by AP Aimcap, made up of Apollo Real Estate Investment Fund V LP, Aimbridge Hospitality LP and JF Capital Advisors. With the approval, and subject to other conditions, the transaction is expected to close Aug. 15, said Eagle officials in a statement today. Raymond Martz, CFO for Eagle, did not return a call for comment, and Lee Neibart, senior partner at Apollo, could not be reached.

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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.