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Welcome back from lunch everybody. My name is Tim Wengerd. I cover lodging here at Deutsche Bank with Carlo Santarelli with me right now is Diane Morefield, the CFO of Strategic Hotels. And before we get started just one note, there are cards like this in front of you and on these cards, there's a URL that allows you to post the anonymous questions and they will come up here to this IPAD and I can sift through them.
So about, about 20 minutes in I'll look to this bulletin board and see what your questions are. And with that, why don't we start with the thing that's on everyone's mind right now, this past week Strategic made an offer to for just some preferreds and why don't we just start by asking Diane and what she can tell us about that offer.
Okay. Sure. For those of you who have been following Strategic Hotels & Resorts, I'm sure you're well aware that we have been in a major balance sheet restructuring phase pretty much since the beginning of 2010.
We, at the beginning this is year, made a decision to early accelerate all of our debt maturities that actually were back ended maturities in 2011 and throughout 2012. And luckily we decided to go to the market and refinance all of our debt, that debt done literally the last deal closed, the last week of July just as the debt ceiling crisis elevated and the capital market shutdown.