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CHICAGO,
June 27, 2011 -- Strategic Hotels & Resorts, Inc. (NYSE:
BEE), today announced that it closed on the acquisition of the 49
percent interest in the InterContinental Chicago hotel previously held
by an affiliate of the Government of Singapore Investment Corporation
(GIC) in exchange for approximately 10.8 million shares of the
Company's common stock at an agreed upon issuance price of $6.50 per
share, approximately $11.8 million of cash consideration, its pro-rata
share of working capital and certain reimbursements subject to a
post-closing adjustment. 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 the United States, Mexico and Europe. The Company currently has ownership interests in 17 properties with an aggregate of 7,762 rooms. For a list of current properties and for further information, please visit the Company's website at http://www.strategichotels.com/. |
Contact: Diane Morefield EVP, Chief Financial Officer +1-312-658-5740 or Jonathan Stanner VP, Capital Markets & Treasurer +1-312-658-5746 both of Strategic Hotels & Resorts, Inc. Web Site: http://www.strategichotels.com |