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Strategic Hotels & Resorts Announces Pricing For Common Shares Offering

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Strategic Hotels & Resorts Inc (BEE: Quote) Wednesday announced that it has priced the underwritten public offering of 16.0 million shares of its common stock at $6.50 per share.

The company has granted the underwriters an option to purchase up to 2.4 million additional shares of common stock to cover over-allotments, if any.

Deutsche Bank Securities and Raymond James & Associates, Inc .have been selected to act as joint book-running managers for the Offering.

The Company intends to use the net proceeds from the Offering for general corporate purposes which might include reducing its debt obligations.

The company further added that the Offering is expected to close on April 23, 2012, subject to customary closing conditions.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After ending the previous session mostly higher, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 17 points. The Bank of Spain on Wednesday boosted its growth projections for Spain this year and the next after the economy grew at a faster rate in the second quarter. In its monthly economic bulletin, the bank raised the growth forecast for this year to 1.3 percent from the 1.2 percent seen previously. The projection for the next year was lifted to 2 percent from 1.7 percent. Bank of England policymakers unanimously decided to maintain the key interest rate and quantitative easing at the meeting held on July 9 and 10, but signaled the possibility of a rate hike late this year as growth became more established.
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