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Strategic Hotels & Resorts, Inc. | 8.25% Series C Cumulative Redeemable Preferred Stock (BEE.PRC)

Prospectus exerpt:  We are offering 5,000,000 shares of our 8.25% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as the Series C Preferred Stock. We will pay cumulative dividends on the Series C Preferred Stock from, but excluding, the date of original issuance in the amount of $2.0625 per share each year, which is equivalent to 8.25% of the $25.00 liquidation preference per share. However, if following a “change of control,” the Series C Preferred Stock is not listed on the New York Stock Exchange or the American Stock Exchange or quoted on NASDAQ, investors will be entitled to receive cumulative cash dividends from, but excluding, the first date on which both the change of control has occurred and the Series C Preferred Stock is not so listed or quoted at the increased rate of 9.25% per annum of the $25.00 liquidation preference (equivalent to $2.3125 per annum per share) for as long as the Series C Preferred Stock is not so listed or quoted. Dividends on the Series C Preferred Stock will be payable quarterly in arrears, beginning on June 30, 2006.

Investors in our Series C Preferred Stock generally will have no voting rights but will have limited voting rights if we fail to pay dividends for six or more quarters and under certain other circumstances.

We may not redeem the Series C Preferred Stock before May 17, 2011, except in limited circumstances to preserve our status as a real estate investment trust, or REIT, or as described below. On or after May 17, 2011, we may, at our option, redeem the Series C Preferred Stock, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to the redemption date. If at any time following a “change of control,” the Series C Preferred Stock is not listed on the New York Stock Exchange or the American Stock Exchange or quoted on NASDAQ, we will have the option to redeem the Series C Preferred Stock, in whole but not in part, within 90 days after the first date on which both the change of control has occurred and the Series C Preferred Stock is not so listed or quoted, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Our Series C Preferred Stock has no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities.

Full Prospectus PDF », BEE Page »

Series:C
Redeemable?:Yes
Call Date:5/17/2011 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:5,000,000
Overallotment:750,000
Liquidation Preference:$25
Recent Market Price:$25.32
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.32 (1.28%)
Annualized Dividend:2.0625
Recent Ex-Date:3/14/2013
Current Yield:8.15%
Original Coupon:8.250%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
Strategic Hotels & Resorts operates as a self-administered and self-managed real estate investment trust. Co. conducts its operations through its direct and indirect subsidiaries, including its operating partnership, Strategic Hotel Funding, L.L.C. (SH Funding). Co. manages all business aspects of SH Funding, including the sale and purchase of hotels, the investment in these hotels and the financing of SH Funding and its assets. As of Dec 31 2011, Co.'s portfolio included 17 hotel interests located in urban and resort markets in: the U.S.; Punta Mita, Nayarit, Mexico; Hamburg, Germany; and London, England.

Preferreds: BEE.PRA, BEE.PRB, BEE.PRC


Open the BEE Information Page »
Name:  Strategic Hotels & Resorts, Inc.
Website:  www.strategichotels.com
Sector:  REITs
Number of ETFs Holding BEE:  31 (see which ones)
Total Market Value Held by ETFs:  $142,675,532
Total Market Capitalization:  $1,706,000,000
% of Market Cap. Held by ETFs:  8.36%

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