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Wednesday, October 16, 2013 8:42:54 PM
CHICAGO, Oct. 16, 2013 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that it has sold the Lakeshore Athletic Club property adjacent to the Fairmont Chicago hotel for $10.5 million to the owner of Lakeshore Sport & Fitness. The Company will use the proceeds from the sale to reduce outstanding indebtedness on its revolving credit facility. The buyer of the property intends to re-open the facility as a health club as soon as possible.
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-105-million-sale-of-the-lakeshore-athletic-club-228003511.html
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