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Friday, 04/04/2014 11:54:17 PM

Friday, April 04, 2014 11:54:17 PM

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Strategic Hotels & Resorts, Inc. Announces Redemption Of Its 8.50% Series A Cumulative Redeemable Preferred Stock (4/04/14)

CHICAGO, April 4, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it completed the redemption of all of the outstanding 4,148,141 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: BEE-PA) (the "Series A Preferred Shares"). The Series A Preferred Shares were redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends in the amount of $0.54896 per share, for a total redemption cost of $105,980,688.48. The redemption of the Series A Preferred Shares will eliminate approximately $6.5 million in dividend payments for the remainder of 2014 and $8.8 million of dividend payments on an annual basis.

About Strategic Hotels & Resorts
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value enhancing asset management of high-end hotels and resorts in the United States and Europe. The Company currently has ownership interests in 16 properties with an aggregate of 7,862 rooms and 835,000 square feet of multi-purpose meeting and banqueting space. For a list of current properties and for further information, please visit the Company's website at www.strategichotels.com.

http://www.prnewswire.com/news-releases/strategic-hotels--resorts-inc-announces-redemption-of-its-850-series-a-cumulative-redeemable-preferred-stock-253886081.html

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