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News Breaks | | | | September 14, 2012 | | 13:30 EDT |  | BEE, MAR | Strategic Hotels closes acquisition of JW Marriott Essex House Hotel in NYC
Strategic Hotels & Resorts (BEE) has closed on the acquisition of the JW Marriott Essex House Hotel in New York City for a gross purchase price of approximately $362.3M. Strategic Hotels has established a joint venture agreement with an affiliate of KSL Capital Partners, LLC to fund the equity portion of the acquisition. The Company will own 51% of the joint venture and will serve as the managing member and asset manager. The joint venture closed on a $190M first mortgage financing originated by Bank of America to fund the balance of the purchase price. Marriott International (MAR) will begin operating the hotel on Tuesday, September 18. The Company forecasts that its pro rata share of earnings from the property, including net operating income guarantee payments from Marriott International, will contribute approximately $3.5M of EBITDA for the remainder of 2012. | |
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News For BEE;MAR From The Last 14 Days Check below for free stories on BEE;MAR the last two weeks. |
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| May 20, 2013 | | 09:23 EDT | | BEE | Strategic Hotels announces termination of stockholder rights plan
Strategic Hotels announced that its board approved an amendment to the Company's stockholder rights plan to accelerate the expiration date from November 30 to as soon as possible, but no later than the close of business on June 14. In addition, the board amended the company's Corporate Guidance Guidelines to provide that if the company were to adopt any new stockholder rights plan in the future, it will submit the stockholder rights plan for shareholder approval within 12 months of its adoption. | | | May 16, 2013 | | 14:52 EDT |  | MAR | Marriott management to meet with JPMorgan
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