| Bridgestreet Accommodations, Inc. | |||
| Ticker: | BEDS | 1896 Georgetown Road | |
| Exchange: | NASDAQ-National Market | Hudson, OH 44236 | |
| Industry: | Service (SIC Code 7021) | (216) 650-2425 | |
| Type of Shares: | Common Shares | Filing Date: | 5/7/97 | |
| U.S. Shares: | 2,615,000 | Offer Date: | 9/24/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $7.00 - $9.00 | |
| Primary Shares: | 2,615,000 | Offer Price: | $9.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.63 | |
| Offering Amount: | $20,920,000 | Selling: | $0.37 | |
| Expenses: | $2,160,000 | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Legg Mason Wood Walker, Inc. | Lead Manager | (410) 539-4038 |
| McDonald & Company Securities, Inc. | Co-manager | (216) 443-2370 |
| Issuer's Law Firm: | Nutter, McClennen & Fish |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| 4 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $0.00 | Assets: | $0.42 | ||
| Net Income: | $0.00 | Curr Assets: | |||
| EPS: | Liabilities: | $0.42 | |||
| Prior EPS: | $0.00 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | $0.00 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading provider of flexible accomodation services, primarily for business people and professionals requiring lodging for one week to several months. The company offers high-quality, fully-furnished apartments, townhouses, condominiums and, to a lesser extent, houses. Together with the specialized amenities offered by the company, these accommodations are intended to provide guests with a "home away from home." As of March 31, 1997, the company had more than 2,100 units under lease in 16 metropolitan areas located in the Midwest and Mid-Atlantic regions of the United States, and an occupancy rate of approximately 90%. As a provider of flexible accommodation services, the company leases substantially all of its accommodations on a short-term basis from property managers, and then rents them to its clients. This enables the company to (I) adjust the quantity, mix and location of its accommodations as client needs dictate and local economic conditions warrant, (ii) expand and enter new markets without the costs and lead times associated with investing in "bricks and mortar" and (iii) avoid the fixed costs associated with ownership or long-term leasing of real estate. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain indebtedness, including indebtedness of the Founding Companies assumed by the company in connection with the Combination, the outstanding principal amount under the company's revolving credit facility and certain advances made to the company by an affiliated party, to implement an enhanced management information system and for general corporate purposes, including working capital and future acquisitions. |