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Highland Hospitality Corporation Announces Pricing of Initial Public Offering |
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Highland Hospitality Corporation (NYSE: HIH- News) today announced the pricing of an initial public offering of 30,000,000 shares of its common stock at $10.00 per share, all of which were offered by Highland Hospitality. |
The shares will trade on the New York Stock Exchange under the symbol “HIH.” In addition, Highland Hospitality has agreed to sell approximately 4,550,000 shares of common stock through private issuances. Friedman, Billings, Ramsey & Co., Inc. acted as the sole book-running manager, with Deutsche Bank Securities Inc. acting as co-lead manager and Raymond James & Associates, Inc. as a co-manager of the public offering. Highland Hospitality has agreed to sell up to an additional 4,500,000 common shares to the underwriters to cover over-allotments, if any.
Total gross proceeds from the offering and private issuances of approximately $342.3 million will be used principally to fund the acquisition of seven initial hotel properties, fund the renovations for two of the initial properties, fund future lodging-related investments and for general corporate and working capital purposes.
Highland Hospitality is a self-administered real estate investment trust focused primarily on investing in the United States within the upscale full-service and premium limited-service and extended stay lodging segments. Over time, Highland Hospitality may also pursue investment opportunities in certain lodging segments outside of the United States.
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