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Interstate Hotels & Resorts, Inc. Announces Over-Allotment Closing |
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Interstate Hotels & Resorts, Inc. (NYSE:IHR), the nation's largest independent hotel management company, announced the closing yesterday of its offering of an additional 601,900 shares of its common stock, par value $0.01 per share. |
Including the over-allotment, the company sold 9,101,900 shares of common stock at a price per share of $5.25. The net offering proceeds to IHR will be used to repay indebtedness under its senior credit facility.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. The offering has been made by means of a prospectus contained in that registration statement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 67,000 rooms in 42 states, the District of Columbia, Canada and Russia. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts subsidiary, is one of the world's largest corporate housing providers, offering upscale, fully furnished corporate housing throughout the United States, Canada, the United Kingdom, France and 39 additional countries through its network partners.
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