Strategic Hotels to redeem all 8.25% series C preferreds on July 3

By Marisa Wong

Madison, Wis., June 2 - Strategic Hotels & Resorts, Inc. said it intends to redeem all of the outstanding 3,827,727 shares of its 8.25% series C cumulative redeemable preferred stock on July 3.

The series C preferreds will be redeemed at a price of $25.00 per share, plus accrued dividends from July 1 up to and including the call date in the amount of $0.01719 per share, for a total redemption cost of $95,758,973.63.

Computershare Trust Co., NA (855 396-2084) is the redemption agent.

According to a Monday press release, Strategic also declared a quarterly cash dividend of $0.51563 per share of its series C preferreds and a cash dividend of $0.51563 per share of its 8.25% series B cumulative redeemable preferred stock.

The series C and series B preferred dividends are payable on or about June 30 to shareholders of record as of the close of business on June 16.

In addition, Strategic has declared and set apart for payment a dividend on the series B preferreds for the period from July 1 up to and including the call date at the rate of $2.0625 per annum. This dividend is expected to be paid as part of the normal quarterly dividend on the series B preferreds on or about Sept. 30.

Strategic is a real estate investment trust based in Chicago that owns and manages high-end hotels and resorts.

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