BRE Select Hotels gets tenders for 2.01 million 7% series A preferreds

By Angela McDaniels

Tacoma, Wash., Sept. 27 - BRE Select Hotels Holdings LP received tenders for 2,010,510 shares of BRE Select Hotels Corp.'s 7% series A cumulative redeemable preferred stock, according to a company news release.

BRE Select Hotels Holdings is the holder of all of the common stock of BRE Select Hotels Corp.

The offer expired at 9 a.m. ET on Sept. 27.

All of the tendered preferreds were accepted for purchase.

The price is $1.30 per share net to the seller in cash. The preferreds have a liquidation preference of $1.90 each.

When the offer began, 97,032,848 preferreds were outstanding.

The offer began July 15 in response to an unsolicited tender offer for up to 9 million of the preferreds by MacKenzie Capital Management, LP at a price of $0.50 per share. It later increased the price to $1.25 per share.

On Aug. 27, BRE Select Hotels extended its offer from Sept. 10 and increased the price from $1.20 per share.

American Stock Transfer & Trust Co., LLC acted as the depositary.

BRE Select Hotels Corp. is a New York real estate investment trust focused on the ownership of upscale, extended-stay and select-service hotels.

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