Strategic Hotels & Resorts set to redeem all 8.25% series C preferreds

By Tali Rackner

Norfolk, Va., Mary 27 - Strategic Hotels & Resorts, Inc. plans to redeem all outstanding shares of its 8.25% series C cumulative redeemable preferred stock with the proceeds from a common stock offering, according to a news release.

Proceeds will also be used to fund the company's acquisition of the 63.6% ownership interest in the Hotel del Coronado that it does not own from its joint venture partner and for general corporate purposes, including reducing borrowings under its bank credit facility, repaying other debt and funding capital expenditures and working capital.

Strategic Hotels & Resorts is a real estate investment trust based in Chicago that owns and manages high-end hotels and resorts.

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