REIT Braemer Hotels and Resorts (NYSE:BHR) has priced a new preferred stock offering with a coupon of 8.25%. The company will be selling 1.6 million shares with an overallotment available of 240,000 shares.
BHR is the old Ashford Hospitality Prime and is a small lodging REIT focusing on luxury properties. The company owns just 12 properties.
The new issue has the normal terms with quarterly dividend payments, cumulative dividends and an early optional redemption period starting 11/20/2023.
The issue is fairly junky, in our opinion, but is unrated and thus assumed to be junk.
Shares will trade on the OTC Grey Market starting tomorrow (Wednesday) under the temporary ticker of BHRPP.