Strategic Hotels & Resorts Closes On The Sale Of The Four Seasons Punta Mita Resort (2/28/14)
CHICAGO, Feb. 28, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the Company has closed on the sale of the Four Seasons Punta Mita Resort and the adjacent La Solana land parcel for $200.0 million. The Company expects after tax proceeds to total approximately $180.0 million which it intends to use to retire its 8.50% Series A Preferred Stock and reduce indebtedness under its revolving credit facility.
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 17 properties with an aggregate of 8,099 rooms and 847,000 square feet of meeting space. For a list of current properties and for further information, please visit the Company's website at http://www.strategichotels.com.