News for the Hospitality Executive
Strategic Hotels & Resorts Completes Sell of the 1,184-room
Hyatt Regency New Orleans
to Poydras Properties Hotel Holdings Co. for $32 million
|CHICAGO, Jan. 10, 2008 - Strategic Hotels & Resorts,
Inc. , announced today that the company closed on the previously announced
agreement to sell the 1,184-room hotel Hyatt Regency New Orleans to Poydras
Properties Hotel Holdings Co., LLC, effective December 28, 2007. Under
the terms of the agreement, Strategic Hotels & Resorts sold the property
to Poydras Properties Hotel Holdings for a sales price of $32 million.
The sales price was composed of $23 million in cash, a $6 million 10% interest
bearing promissory note due March 31, 2008 and a $3 million non-interest
bearing promissory due in 6 years.
In connection with the closing, the company resolved business interruption
insurance and other issues related to Hurricane Katrina with the property's
manager, Global Hyatt Corporation.
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 North America, Mexico and Europe. The company currently has ownership interests in 20 properties with an aggregate of 9,034 rooms. For a list of current properties and for further information, please visit the company's website at http://www.strategichotels.com.
This press release contains forward-looking statements about Strategic Hotels & Resorts (the "Company"). Except for historical information, the matters discussed in this press release are forward-looking statements subject to certain risks and uncertainties. Actual results could differ materially from the Company's projections. Factors that may contribute to these differences include, but are not limited to the following: ability of the buyer to service its debt obligations; availability of capital; ability to obtain or refinance debt; rising interest rates; and economic conditions generally and in the real estate market specifically.
Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
|Also See:||Strategic Hotel Capital Estimates Hyatt Regency New Orleans Losses Due to Storm Damage and Lost Business Could Exceed $100 million; Discussing Public/private Partnership for the Renovation of the Hotel and its Immediate Neighborhood / October 2005|
|Strategic Hotel Capital Begins Significant Repair Work on the Hyatt Regency New Orleans / October 2005|
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