CHICAGO, April 4, 2014 /PRNewswire/ -- Strategic Hotels
& Resorts, Inc. (NYSE: BEE) today announced that it
completed the redemption of all of the outstanding 4,148,141 shares
of its 8.50% Series A Cumulative Redeemable Preferred Stock
(NYSE: BEE-PA) (the "Series A Preferred Shares"). The
Series A Preferred Shares were redeemed at a redemption price of
$25.00 per share, plus accrued and
unpaid dividends in the amount of $0.54896 per share, for a total redemption cost
of $105,980,688.48. The
redemption of the Series A Preferred Shares will eliminate
approximately $6.5 million in
dividend payments for the remainder of 2014 and $8.8 million of dividend payments on an annual
basis.
About Strategic Hotels & Resorts
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 and Europe. The
Company currently has ownership interests in 16 properties with an
aggregate of 7,862 rooms and 835,000 square feet of multi-purpose
meeting and banqueting space. For a list of current properties and
for further information, please visit the Company's website at
www.strategichotels.com.
Forward-Looking Statements
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. Actual
results could differ materially from the Company's projections.
Factors that may contribute to these differences include, but are
not limited to the following: the effects of economic conditions
and disruptions in financial markets upon business and leisure
travel and the hotel markets in which the Company invests; the
Company's liquidity and refinancing demands; the Company's ability
to maintain compliance with covenants contained in the Company's
debt facilities; stagnation or further deterioration in economic
and market conditions, particularly impacting business and leisure
travel spending in the markets where the Company's hotels operate
and in which the Company invests, including luxury and upper
upscale product; general volatility of the capital markets and the
market price of the Company's shares of common stock; availability
of capital; the Company's ability to dispose of properties in a
manner consistent with the Company's investment strategy and
liquidity needs; hostilities and security concerns, including
future terrorist attacks, or the apprehension of hostilities, in
each case that affect travel within or to the United States, Germany or other countries where the Company
invests; difficulties in identifying properties to acquire and
completing acquisitions; the Company's failure to maintain
effective internal control over financial reporting and disclosure
controls and procedures; risks related to natural disasters;
increases in interest rates and operating costs, including
insurance premiums and real property taxes; delays and
cost-overruns in construction and development; marketing challenges
associated with entering new lines of business or pursuing new
business strategies; the Company's failure to maintain the
Company's status as a REIT; changes in the competitive environment
in the Company's industry and the markets where the Company
invests; changes in real estate and zoning laws or regulations;
legislative or regulatory changes, including changes to laws
governing the taxation of REITs; changes in generally accepted
accounting principles, policies and guidelines; and litigation,
judgments or settlements.
Additional risks are discussed in the Company's filings with
the Securities and Exchange Commission, including those appearing
under the heading "Item 1A. Risk Factors" in the Company's most
recent annual report on Form 10-K and subsequent quarterly reports
on Form 10-Q. Although the Company believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be attained. The forward-looking statements are
made as of the date of this press release, and we undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Strategic Hotels & Resorts, Inc.