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Strategic Hotels & Resorts, Inc. Closes Acquisition Of

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Enterprising Investor Member Level  Thursday, 06/12/14 11:53:03 PM
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Strategic Hotels & Resorts, Inc. Closes Acquisition Of Remaining Interest In The Hotel del Coronado (6/12/14)

CHICAGO, June 12, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that the Company closed on the acquisition of the remaining 63.6 percent ownership interest in the Hotel del Coronado for $210.0 million. The transaction valued the asset at $787.0 million and includes the assumption of the existing $475.0 million mortgage financing. The closing of the transaction is reflected in the Company's full-year 2014 guidance.

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-closes-acquisition-of-remaining-interest-in-the-hotel-del-coronado-262876821.html

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