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Airport for $125 million, or $256,000 per room |
 CHICAGO,
Aug. 24, 2006 - Strategic Hotels & Resorts, Inc. (NYSE: BEE) today
announced that the company has signed an agreement with Pyramid Hotel Opportunity
Venture II LLC, to sell the Hilton Burbank Airport in Burbank, California,
for $125 million, or $256,000 per room.
The 488-room property was projected to contribute approximately $10.1 million in EBITDA in 2006, resulting in a 12.4x EBITDA multiple on the sale. The transaction, subject to customary closing conditions, is anticipated to close in September 2006. About the Company Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and asset manages high-end hotels and resorts. The company has ownership interests in 19 properties with an aggregate of 9,607 rooms. 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, 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:
Strategic Hotels & Resorts, Inc.
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