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Thursday, 09/12/2013 12:01:58 AM

Thursday, September 12, 2013 12:01:58 AM

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Strategic Hotels & Resorts, Inc. Announces Amendment Of Westin St. Francis And Fairmont Chicago Loan Agreements (9/10/13)

CHICAGO, Sept. 10, 2013 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it has closed on an amendment to the cross-collateralized mortgage agreements secured by the Westin St. Francis and Fairmont Chicago hotels, which eliminates future principal amortization payments subject to meeting certain financial and other requirements. Combined, the amendment will eliminate $9.3 million in previously scheduled principal amortization payments over the next twelve months and $37.2 million in scheduled payments over the remaining term of the two agreements. Prior to the amendment, the loans were subject to a 20-year principal amortization schedule. Both mortgage agreements will continue to bear interest at a fixed rate of 6.09 percent and are set to mature in June of 2017. Metropolitan Life Insurance Company is the lender for both agreements.

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, Mexico and Europe. The Company currently has ownership interests in 18 properties with an aggregate of 8,271 rooms and 851,600 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-amendment-of-westin-st-francis-and-fairmont-chicago-loan-agreements-223115791.html

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