Hospitality Properties Trust (HPT) Prices 8M Shares at $17.25
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Hospitality Properties Trust (NYSE: HPT) today announced that it has priced a public offering of 8 million common shares at $17.25 per share. The settlement of this sale is expected to occur on August 14, 2009. HPT expects to use the net proceeds to repay debt and for general business purposes. The underwriters have been granted a 30-day option to purchase up to an additional 1,200,000 shares to cover over allotments, if any. The offering size was increased from the previously announced 5,000,000 share offering.
The joint book-running managers for this offering are Morgan Stanley, Citi and RBC Capital Markets. The co-lead managers for this offering are Morgan Keegan & Company, Inc., UBS Investment Bank and Wells Fargo Securities. The co-managers for this offering are Janney Montgomery Scott and Oppenheimer & Co.
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