Marriott treasurer W. Edward Walter says the company believes this type of preferred stock will help the company lower its overall cost of capital and bolster its capital structure. "We plan to use the proceeds to satisfy a portion of our capital needs for the year, including capital investments in our existing hotels, selectively acquiring hotel properties, repaying debt, and for other general corporate purposes," he says.
Morgan Stanley Dean Witter, Prudential Securities, UBS Warburg, Bear Stearns and Co. Inc. and Deutsche Banc Alex underwrote the offer. Brown. The dividend for the Class C preferred stock will be $2.50 on an annualized basis.
Marriott, a lodging real estate company, owns 122 upscale and luxury full-service hotel properties primarily operated under Marriott, Ritz-Carlton, Four Seasons, Hyatt, Hilton, and Swissotel brand names.
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