Airport for $125 million, or $256,000 per room
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.
Strategic Hotels & Resorts, Inc.
|Also See:||Strategic Hotels & Resorts Completes First Full Year as a Public Company; Reports Net Income Available to Common Shareholders of $14.0 million Compared to a Net Loss of $9.4 million for the 4th Qtr of 2004 / March 2006|
|CNL Hotels & Resorts, Inc., Selling Five Hotel Properties to Pyramid Hotel Opportunity Venture LLC for $109 million / July 2005|