| Ticker: AGT | 3860 West Northwest Highway, Suite 300 | |
| Exchange: New York Stock Exchange | Dallas, Texas 75220 | |
| Industry: Financial | (214) 904-2000 |
| Type of Shares: | Common Shares | Filing Date: | 5/3/96 | |
| U.S. Shares: | 7,500,000 | Offer Date: | 7/25/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $19.00 - $21.00 | |
| Primary Shares: | 7,500,000 | Offer Price: | $17.75 | |
| Secondary Shares: | 0 | Gross Spread: | $1.11 | |
| Offering Amount: | $150,000,000 | Selling: | $0.66 | |
| Expenses: | $5,000,000 | Reallowance: | $0.10 | |
| Shares Out After: | 9,584,004 |
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (718) 921-8473 |
| Legg Mason Wood Walker, Inc. | Co-manager | (410) 539-3400 |
| Prudential Securities Incorporated | Co-manager | (212) 214-3000 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6000 |
| Auditor: Coopers & Lybrand | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/31/96 | 3/31/96 | ||||
| Revenue: | $25.93 | Assets: | $179.47 | ||
| Net Income: | $9.76 | Liabilities: | $58.33 | ||
| EPS: | $1.27 | Equity: | $121.14 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company, which intends to operate as a self-administered real estate investment trust, has been formed to own hotel properties and to continue and expand the hotel acquisition, development, and repositioning operations of American General Hospitality. Upon completion of the Offering and the Formation Transactions, the company will own thirteen hotels containing an aggregate of 3,012 guest rooms located in nine states. AGHI, which will manage the Initial Hotels was founded in 1981 by Steven D. Jorns, the company's Chairman of the Board, Chief Executive Officer and President. The company's operations will focus on the ownership of full-service hotels in major metropolitan markets, including hotels that are in close proximity to the airports that serve such markets, and, to a lesser extent, prominent hotels in major tourist hotels. The Initial Hotels include eleven full-service hotels and two limited-service hotels and are diversified by franchise affiliation. For twelve months ended March 31, 1996, the Initial Hotels had a weighted average occupancy of 73.0% and a weighted average daily room rate of $70,97. Ten of the Initial Hotels operate under franchise licenses with nationally recognized hotel companies, which include one Hilton, one Courtyard by Marriott, six Holiday Inns, one Hampton Inn and one Days Inn. |
| Use of Proceeds |
| Proceeds from the offering will be used to acquire hotels, repay certain mortgage and other existing debt in connection with the acquisition of hotels and for working capital. |
©1996 IPO Data Systems, Inc. - All rights reserved.