Hospitality REIT Prices IPO

Highland Hospitality Corp., McLean, Va., has priced an initial public offering of 30 million shares of its common stock at $10 per share.Highland, a real estate investment trust, said it is also selling another 4.55 million shares of common stock through private issuances. The shares will trade on the New York Stock Exchange under the symbol "HIH." The hospitality REIT has granted the underwriters an option to buy up to 4.5 million additional common shares to cover any overallotments. Friedman, Billings, Ramsey was the manager of the issue, and Deutsche Bank Securities was the co-lead manager. The gross proceeds of approximately $342.2 million from the public offering and private issuances will be used to fund the acquisition of seven hotel properties and future lodging investments, among other uses.