CHICAGO, June 12, 2014 /PRNewswire/ -- Strategic Hotels
& Resorts, Inc. (NYSE: BEE), today announced that the Company
closed on the acquisition of the remaining 63.6 percent ownership
interest in the Hotel del Coronado for $210.0 million. The transaction valued the
asset at $787.0 million and includes
the assumption of the existing $475.0
million mortgage financing. The closing of the
transaction is reflected in the Company's full-year 2014
guidance.
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 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.
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. These forward-looking statements include statements
regarding the Company's future financial results, stabilization in
the lodging space, positive trends in the lodging industry and the
Company's continued focus on improving profitability. 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 obtain, refinance or extend maturing debt; the Company's ability
to maintain compliance with covenants contained in its debt
facilities; stagnation or 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 its 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 or 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 its 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 Form 10-K and subsequent Form 10-Qs. 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 the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by law.
SOURCE Strategic Hotels & Resorts, Inc.