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Strategic Hotels & Resorts Closes on the Acquisition of the
Remaining 49% Interest in the Intercontinental Chicago

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


Diane Morefield
EVP, Chief Financial Officer
Jonathan Stanner
VP, Capital Markets & Treasurer
 both of Strategic Hotels & Resorts, Inc.

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Also See: Strategic Hotels & Resorts to Acquire to Acquire the Remaining 49% Interest in the InterContinental Chicago / May 2011

Strategic Hotels & Resorts to Acquire Four Seasons Jackson Hole and Four Seasons Silicon Valley Through a Stock Exhange Valued at Approximately $95 million or $300,000 per-room / February 2011

Strategic Hotels and Resorts Completes Recapitalization of the Hotel Del Coronado; Establishes New Joint Venture with Blackstone Real Estate Advisors and KSL Resorts / February 2011

Strategic Hotels and Resorts Granted Extension to Retire More than $600 million of Debt on San Diego's Hotel del Coronado / January 2011

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