JER Partners completes $2.1 billion acquisition of Highland Hospitality

By Lisa Kerner

Charlotte, N.C., July 17 - JER Partners completed its acquisition of Highland Hospitality Corp. in a transaction valued at $2.1 billion including $210 million of assumed debt.

Under the companies' April 24 agreement, Highland shareholders will receive $19.50 in cash for each share of Highland common stock and operating partnership units they hold.

Holders of Highland's 7 7/8% series A cumulative redeemable preferred stock are entitled to receive $25.00 per share in cash plus accrued but unpaid dividends.

Highland, a McLean, Va.-based self-advised lodging real estate investment trust, owns 27 hotel properties.

JER is the private equity investment arm of the J.E. Robert Co., Inc., a real estate investment management company.

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