EAGLE HOSPITALITY PROPERTIES TRUST
PREFERRED SHAREHOLDERS UPDATE
COVINGTON, KY. (January 11, 2008) - On August 15, 2007, AP AIMCAP Corporation ("New Eagle"), an entity controlled by a joint venture of affiliates of Apollo Real Estate Investment Fund V, L.P., Aimbridge Hospitality, L.P. and JF Capital Advisors, LLC, merged with and into Eagle Hospitality Properties Trust, Inc.'s ("Eagle") and New Eagle became the surviving entity. Following the merger, New Eagle changed its name to Eagle Hospitality Properties Trust, Inc. For more details regarding the merger transaction, please see the definitive proxy statement of Eagle, filed with the Securities and Exchange Commission (the "SEC") on July 3, 2007.
As a result of the merger, the holders of the outstanding common stock of Eagle received $13.35 for each share owned by them, plus additional per share merger consideration of $0.0875 in lieu of a dividend, and each share of preferred stock of Eagle was automatically converted into one share of preferred stock of New Eagle. The preferences and other rights, voting powers, rights to dividends and other distributions, and other terms and conditions of the New Eagle preferred shares are identical to those of the Eagle preferred shares. The CUSIP number for the preferred stock of New Eagle is 26959W 204.
The preferred shares of Eagle were listed on the New York Stock Exchange. However, the preferred shares of New Eagle are not listed for trading on any stock exchange and New Eagle is not a reporting company with the Securities and Exchange Commission so it is not obligated to file periodic reports concerning New Eagle with the Securities and Exchange Commission. Brokerage houses could create a secondary market in the New Eagle preferred stock by applying for these securities to be traded in an over-the-counter market; however, neither New Eagle itself nor its Stock Transfer Agent may initiate the creation of such a market.
Since the merger, New Eagle has paid the regular quarterly dividends of $0.515615 per share on the preferred shares on each of October 1, 2007 and December 31, 2007 and intends to continue to pay such regular quarterly dividends. New Eagle intends to make all future dividend payments electronically. Bank of America (312) 904-2450, the Stock Transfer Agent, and New Eagle will coordinate payment of dividends. Deposits of the preferred shares can be made by contacting a broker.
New Eagle retains the right to call the preferred shares beginning July 2010, though New Eagle will be under no obligation to call the preferred shares at that time or at any time. Currently, New Eagle has no plans to call the preferred shares. Consistent with the terms of the preferred shares issued by Eagle, the holders of the preferred shares of New Eagle do not have a right to cause New Eagle to purchase their shares.
About Eagle Hospitality Properties Trust
Eagle Hospitality Properties Trust, Inc. is a real estate investment trust focused on investment opportunities in the full-service and all-suite hotel industry. The Company owns 13 upper upscale full-service and all-suite hotels encompassing approximately 3,516 guest rooms with premier brands including Hilton, Embassy Suites, Marriott and Hyatt. The hotels are located in
Arizona, California, Colorado, Florida, New York, Kentucky, Ohio, Illinois, Massachusetts and Puerto Rico. More information on the Company can be found at www.eaglehospitality.com.
About Apollo Real Estate Advisors
Apollo Real Estate Advisors is a leading international real estate investor and fund manager. Since the firm's founding in 1993, Apollo has overseen the establishment of 16 real estate funds and joint ventures totaling approximately $8.7 billion in equity commitments for investment in the United States and globally. The Apollo funds have collectively invested in over 400 transactions with an aggregate value in excess of $30 billion.
About Aimbridge Hospitality, L.P.
Aimbridge Hospitality, L.P. is a hotel real estate and management company created to identify investment opportunities throughout the United States. Aimbridge provides management, asset management, capital renovation, supervision, accounting and consulting services for its strategic partners. Aimbridge currently operates hotel properties in the Embassy Suites, Doubletree, Hilton Garden Inn, Hampton Inn & Suites, Sheraton, Hyatt and Wyndham brands. Aimbridge also manages a number of independent hotels, including the Phoenix Inn & Suites brand of hotels and has several projects under development in the Starwood, Marriott and Hilton enterprises.
About JF Capital Advisors, LLC
JF Capital Advisors, LLC is a hospitality investment and advisory firm founded by Jonathan Falik in 2004. Together with Joe Weinberger, these two principals of JF Capital Advisors have completed over $12 billion of mergers and acquisitions and capital markets transactions in the hospitality space. JF Capital Advisors specializes in hospitality transactions involving the capital markets, and will provide financial advisory and transaction oversight services to the general partnership.
Suite 480 o RiverCenter II o 100 East RiverCenter Blvd. o Covington, KY 41011 o 859/581-5900 o FAX 859/581-4650
CONTACT: Eagle Hospitality Properties Trust, Inc.
Jeff Brown, Chief Financial Officer, 859-581-5900
EAGLE HOSPITALITY PROPERTIES TRUST, INC