Strategic Hotels & Resorts, Inc. (BEE)

[Enterprising Investor]

Strategic Hotels & Resorts, Inc. Announces Closing Of A Seven-Year, $120 Million Loan Secured By The Loews Santa Monica Beach Hotel (5/30/14)

CHICAGO, May 30, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it has closed a $120.0 million limited recourse loan secured by the Loews Santa Monica Beach Hotel. This new financing replaces the $108.0 million financing previously encumbering the property. Under the terms of the agreement, the loan bears interest at a floating rate of LIBOR plus 255 basis points and has a three-year initial term with four, one-year extension options available to the Company upon satisfying certain financial and other conditions. Wells Fargo Bank originated the financing.

About the Company

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-closing-of-a-seven-year-120-million-loan-secured-by-the-loews-santa-monica-beach-hotel-261241691.html