strategic hotels & resorts
IHG Partners With Strategic Hotels & Resorts to Bring Regent Brand to the Americas
IHG Hotels & Resorts | March 14, 2023
IHG Hotels & Resorts (IHG) today announced the first destination in the Americas for the reimagined Regent Hotels & Resorts – part of its luxury and lifestyle portfolio – on the spectacular beachfront of Santa Monica, Calif. Poised to open in late 2023, Regent Santa Monica Beach will usher in a new era of extraordinary experiences to the California coastline. The resort will set a new standard for modern upper luxury in the Americas hospitality industry, bringing a fresh perspective to beachfront splendor and effortlessly bold experiences to become an iconic destination. Regent Santa Monica Beach is set on a coveted coastlin...
Strategic Hotels & Resorts to Be Acquired by Blackstone
Strategic Hotels & Resorts, Inc. | December 9, 2015
CHICAGO, Dec. 9, 2015 -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) (the "Company") announced that the holders of its shares of common stock approved the acquisition of the Company by affiliates of Blackstone Real Estate Partner VIII L.P. ("Blackstone") at its special meeting of stockholders held earlier today. Subject to the satisfaction or waiver of all closing conditions related to the transaction, the Company expects the transaction to close on December 11, 2015 and that such date will be the last trading day of the Company's shares on the New York Stock Exchange. As announced previously, on September 4...
Q3 2015 Financial Reports Round Up: Chatham, Strategic, Belmond, RLJ Lodging, & Ashford et al
November 5, 2015
Chatham Lodging Trust reports third quarter net income of $14.4 million compared to $8.8 million in the year ago quater. Portfolio RevPAR increased 5.3 percent to $146 for Chatham's 38, wholly owned hotels Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 134 hotels wholly or through joint ventures, today announced results for the third quarter ended September 30, 2015. In addition, the company provided initial guidance for the 2015 fourth quarter and updated its 2015 full-year guidance. Highlights: Portfol...
Strategic Hotels & Resorts Enters Acquisition Agreement with Blackstone for Approximately $6 billion
Strategic Hotels & Resorts, Inc. | September 8, 2015
CHICAGO, Sept. 8, 2015-- Strategic Hotels & Resorts, Inc. (NYSE: BEE) ("the Company") today announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII L.P., under which Blackstone will acquire all outstanding shares of common stock of Strategic Hotels & Resorts, Inc., for $14.25 per share in cash, and all of the outstanding membership units of the Company's subsidiary, Strategic Hotels Funding L.L.C., not held by the Company, for $14.25 per unit in cash. Including outstanding debt of the Company, the total transaction value is approximately $6 billion. "Our board and managem...
Strategic Hotels & Resorts Officially Begins Exploring Strategic Alternatives
Strategic Hotels & Resorts | August 17, 2015
CHICAGO, Aug. 17, 2015 -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced today that its Board of Directors is exploring possible strategic alternatives for the Company, including the potential sale of the Company. The Company has retained J.P. Morgan as financial advisor. "Our Board of Directors and management team remain committed to acting in the best interests of our shareholders," said Raymond L. "Rip" Gellein, Chairman and Chief Executive Officer of Strategic Hotels & Resorts, Inc. "We are confident in our strategic plan and the value we have created for our shareholders. At the same time, we are always open to ways...
Strategic Hotels & Resorts Acquires Remaining Interest in JW Marriott Essex House Hotel New York
JW Marriott Essex House | July 30, 2015
CHICAGO, July 30, 2015 -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it has acquired the remaining 49 percent ownership interest in the 514-room JW Marriott Essex House hotel. The Company previously owned a 51 percent ownership position in the asset through a joint venture with certain affiliates of KSL Capital Partners, LLC ("KSL"). Pursuant to the terms of the joint venture agreements, KSL exercised a contractual put option of its equity interests in the asset and the Company will issue to certain affiliates of KSL an aggregate of 6,595,449 shares of common stock priced at $12.82 per share, or an implied val...
Strategic Hotels & Resorts Closes On the Sale of the Hyatt Regency La Jolla
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. ...
Strategic Hotels & Resorts, Inc. Acquires the 250-room Montage Laguna Beach for $360 million
Strategic Hotels & Resorts | January 30, 2015
CHICAGO, Jan. 29, 2015 -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that it has acquired the 250-room Montage Laguna Beach from an affiliate of Ohana Real Estate Investors LLC for $360.0 million, plus customary working capital adjustments. The Company funded the acquisition, in part, through the issuance of 7,347,539 shares of common stock to an affiliated designee of the seller, priced at $13.61 per share, or an implied valuation of $100.0 million. In addition, the Company assumed a $150 million mortgage loan encumbering the property, priced at a fixed interest rate of 3.90%, which matures in August 2021. The re...
