Strategic Hotels & Resorts, Inc. | May 22, 2015
CHICAGO, May 22, 2015 — Strategic Hotels & Resorts, Inc. (NYSE: BEE), along with its joint-venture partner, today announced that the Company has closed on the sale of the Hyatt Regency La Jolla for $118.0 million. The company formerly owned a 53.5% interest in the asset. At closing, the joint-venture retired $89.2 million of debt secured by the hotel. The Company will use the proceeds from the sale to reduce outstanding indebtedness on its revolving credit facility.
