Eagle Hospitality shares soar on buyout offerShares of Eagle Hospitality Properties Trust Inc. (NYSE: EHP) established a new 52-week-high in heavy trading today after the company this morning announced it will be acquired by AP AIMCAP, a real estate joint venture, for $13.35 per share and units in cash. Based on 17.75 million outstanding shares, the deal is valued at around $237 million. Eagle Hospitality is a real estate investment trust (REIT) focused on the full-service and all-suite hotel industry. It is being acquired by a joint venture of Apollo Real Estate Investment Fund V L.P., Aimbridge Hospitality, L.P., and JF Capital Advisors LLC. The deal, subject to Eagle Hospitality stockholder approval, is slated to close in the 2007 third quarter.
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