IRVING, Texas--(BUSINESS WIRE)--W2007 Grace Acquisition I, Inc. today announced that, due to the potential obligation of the Company to pay the merger consideration contemplated under the stipulation and agreement of settlement and liabilities and/or potential liabilities arising from the sale of its hotels, it has determined that it is not in the best interest of the Company to declare a second quarter 2015 dividend with respect to the 8.75% Series B Cumulative Preferred Stock and 9.00% Series C Cumulative Preferred Stock.
Please refer to the Amended and Restated Charter of W2007 Grace Acquisition I, Inc. for a description of the 8.75% Series B Cumulative Preferred Stock and 9.00% Series C Cumulative Preferred Stock.