Acquired in 2008 for $25.3m - book value at $15.3m (after writedowns)Sale at $13m. Slight write down this quarter.At least the company is freeing up some cash.
freeing up cash to payoff the preferred A???
If I were running the company, that is what I would do with the cash...I don't see it happening that soon though. They still require more cash and don't have that many other hotels up for sale.They could do a refinancing though and issue debt instead at a lower rate. I would like to see it happen during the acquisition but we shall see.