Hospitality Properties to redeem 7% preferreds with note proceeds

By Tali David

Minneapolis, May 30 - Hospitality Properties Trust said it will redeem all of its outstanding 7% series C cumulative redeemable preferred shares on July 1.

The 6.7 million outstanding shares, with a liquidation preference of $167.5 million, will be redeemed at par of $25 plus accrued dividends.

The company said it expects to fund the redemption using proceeds from an offering of 4.5% senior notes due 2023.

The real estate investment trust is based in Newton, Mass.

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