Strategic Hotels & Resorts, Inc. (SHR and, together with its subsidiaries, the Company) was incorporated in January 2004 to acquire and asset-manage upper upscale and luxury hotels that are subject to long-term management contracts. As of September 30, 2008, the Company’s portfolio included 19 full-service hotel interests located in urban and resort markets in: the United States; Paris, France; Mexico City and Punta Mita, Nayarit, Mexico; Hamburg, Germany; London, England; and Prague, Czech Republic. The Company operates in one reportable business segment, hotel ownership.
SHR operates as a self-administered and self-managed real estate investment trust (REIT), which means that it is managed by its board of directors and executive officers. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to reduce or avoid federal income taxes at the corporate level. For SHR to continue to qualify as a REIT, it cannot operate hotels; instead it employs internationally known hotel management companies to operate its hotels under management contracts. SHR conducts its operations through its direct and indirect subsidiaries, including its operating partnership, Strategic Hotel Funding, L.L.C. (SH Funding), which currently holds substantially all of the Company’s assets. SHR is the sole managing member of SH Funding and holds approximately 99% of its membership units as of September 30, 2008. SHR manages all business aspects of SH Funding, including the sale and purchase of hotels, the investment in these hotels and the financing of SH Funding and its assets.
As of September 30, 2008, SH Funding owned or leased the following 19 hotels:
| || || |
1. Fairmont Chicago
| ||11. Loews Santa Monica Beach Hotel |
2. Fairmont Scottsdale Princess
| ||12. Marriott Champs Elysees Paris (Paris Marriott) (3) |
3. Four Seasons Mexico City
| ||13. Marriott Hamburg (3) |
4. Four Seasons Punta Mita Resort
| ||14. Marriott Lincolnshire (4) |
5. Four Seasons Washington, D.C.
| ||15. Marriott London Grosvenor Square (4) |
6. Hotel del Coronado (1)
| ||16. Renaissance Paris Hotel Le Parc Trocadero (Renaissance Paris) (5) |
7. Hyatt Regency La Jolla (2)
| ||17. Ritz-Carlton Half Moon Bay |
8. InterContinental Chicago (2)
| ||18. Ritz-Carlton Laguna Niguel |
9. InterContinental Miami
| ||19. Westin St. Francis |
http://www.strategichotels.com mirror http://www.shci.com/