SunStone Hotel (SHO) Announces 20M Common Share Offering at $7.20/Share
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced the pricing of its public offering of 20,000,000 shares of its common stock at a price per share of $7.20.
The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary. The Operating Partnership will subsequently use those net proceeds from this offering for working capital and other general corporate purposes, which could include one or more hotel acquisitions.
The joint bookrunners for this offering are BofA Merrill Lynch and Wells Fargo Securities. Citi, Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank are acting as senior co-managers and R.W. Baird, Calyon Securities (USA), FBR Capital Markets & Co., KeyBanc Capital Markets, Raymond James and Stifel Nicolaus are acting as co-managers.
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