Approximately $23.9 million, or $60,000 per room
to the Procaccianti Group
Sept. 12, 2005 - Strategic Hotel Capital, Inc. (NYSE: SLH) today announced
that the company has entered into an agreement with The Procaccianti Group
to sell the Marriott Schaumburg for approximately $23.9 million, or $60,000
The 398-room property contributed $3.6 million of EBITDA on a trailing twelve-month basis. The transaction, subject to customary closing conditions, is anticipated to close during the fourth quarter. The hotel is located at 50 N Martingale Road.
Strategic Hotel Capital, Inc. CEO Laurence Geller stated, "This commitment to sell the Schaumburg property, coupled with the recent announcement regarding the sale of The Embassy Suites Lake Buena Vista, demonstrates our ability to successfully achieve our goals of disposing non-core assets and focusing our superior asset management skills on the luxury properties within the portfolio."
About the Company
This press release contains forward-looking statements about Strategic Hotel Capital, Inc. (the "Company"). Except for historical information, the matters discussed in this press release are forward-looking statements subject to certain risks and uncertainties.
Strategic Hotel Capital, Inc.
|Also See:||Strategic Hotel Capital, Inc. Reports Net Income Available to Common Shareholders of $4.0 million for Second Quarter 2005 / Hotel Statistics / August 2005|
|Affiliate of The Swig Company Agrees to Sell the Fairmont Chicago Hotel to Strategic Hotel Capital for $154.7 million, or $224,000 per room / July 2005|