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Site Adjacent to its Four Seasons Punta Mita Hotel, for $29.5 million |
| March 10, 2006 - Strategic Hotel Capital, Inc. , which operates as
Strategic Hotels and Resorts, today announced the completion of the acquisition
of the La Solana Hotel and Villas development site in Nayarit, Mexico,
immediately adjacent to its existing Four Seasons Punta Mita Hotel, for
an aggregate purchase price of $29.5 million. The purchase includes fee
simple interest in 20.5 acres under planning for approximately 70 hillside
hotel suites, spa, restaurant, pool and retail with direct Pacific Ocean
views. As part of the purchase, the company obtained the exclusive rights
to build approximately 55 for sale residences on an additional 27.0 adjacent
acres.
Laurence Geller, chairman and chief executive officer of Strategic Hotels and Resorts, said, "This dramatic and spectacular hillside site provides us with a unique opportunity to build upon our experience in the market and the unquestioned success of our Four Seasons Punta Mita Resort. The combination of sophisticated luxury at this new property, our existing Four Seasons Resort, high-end retailing, luxury residential homes for sale and fractional ownership further positions Punta Mita to be amongst the most sought after of North American luxury resorts with our two properties clearly dominant in that market." Geller continued, "Our planning schedule currently calls for the hotel to be in service for the 2009 season." 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. |
| Contact:
James Mead
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