Sunstone Hotel Investors, Inc. Announces the Exercise of the Underwriters' Overallotment Option

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Shoprite Grp.	LSE:SHO	London	Ordinary Share	GB0004637772

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Shoprite Grp. (LSE:SHO)
Historical Stock Chart

From May 2019 to May 2024

Click Here for more Shoprite Grp. Charts.

SAN CLEMENTE, Calif., Oct. 16 /PRNewswire-FirstCall/ -- Sunstone Hotel Investors, Inc. (NYSE:SHO) (the "Company") announced that the underwriters in its public offering of 20,000,000 shares of its common stock have elected to exercise their option to purchase an additional 3,000,000 shares of common stock. After deducting the underwriting discounts and commissions and estimated offering expenses, the Company expects to receive total net proceeds from the sale of its shares of common stock of $158.2 million. The closing for the additional purchase of 3,000,000 shares is expected to take place concurrently with the closing for the initial purchase of 20,000,000 shares on October 21, 2009, subject to customary closing conditions. 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. The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary (the "Operating Partnership"), in exchange for additional membership interests in the Operating Partnership. The Operating Partnership will use the net proceeds from this offering for working capital and other general corporate purposes, which could include one or more hotel acquisitions. The shares of common stock are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission and may be made only by means of a prospectus. A copy of the prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained from the offices of BofA Merrill Lynch at Attn: Prospectus Department, 4 World Financial Center, New York, NY 10080, or Wells Fargo Securities at Attn: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, telephone: (800) 326-5897, email: . This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. About Sunstone Hotel Investors, Inc. Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 40 hotels comprised of 14,006 rooms primarily in the upper-upscale segment operated under nationally recognized brands, such as Marriott, Hyatt, Fairmont, Hilton, and Starwood. This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: general economic and business conditions affecting the lodging and travel industry, both nationally and locally, including a prolonged U.S. recession; our need to operate as a REIT and comply with other applicable laws and regulations; rising operating expenses; relationships with and requirements of franchisors and hotel brands; relationships with and the performance of the managers of our hotels; the ground or air leases for eight of our hotels; performance of hotels after they are acquired; competition for the acquisition of hotels; competition in the operation of our hotels; our ability to complete acquisitions and dispositions; the need for renovations and other capital expenditures for our hotels; the impact of renovations on hotel operations and delays in renovations or other developments; changes in business strategy or acquisition or disposition plans; our level of outstanding debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in our debt and preferred stock; volatility in the credit or equity markets and the effect on lodging demand or our ability to obtain financing on favorable terms or at all; and other events beyond our control. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information in this release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Bryan Giglia Vice President - Corporate Finance Sunstone Hotel Investors, Inc. (949) 369-4236 DATASOURCE: Sunstone Hotel Investors, Inc. CONTACT: Bryan Giglia, Vice President - Corporate Finance of Sunstone Hotel Investors, Inc., +1-949-369-4236

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

SHO Shoprite Grp.