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Stock Market & Financial Investment News

News Breaks
March 7, 2014
15:11 EDTBEEStrategic Hotels reaches agreement with Orange Capital, names Johnson to board
Strategic Hotels & Resorts announced that it has reached an agreement with Orange Capital and agreed to appoint David Johnson to the company's board. With the addition of David Johnson, the Strategic Hotels Board expands to 10 members, 9 of whom are independent and all of whom are elected annually. Johnson will also be included in the company's slate of nominees for election to the board at the 2014 Annual Meeting of Shareholders. In connection with this announcement, Orange Capital has withdrawn its notice of nomination of all of its director candidates to the Strategic Hotels' board.
News For BEE From The Last 14 Days
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July 29, 2015
15:53 EDTBEEStrategic Hotels acquires remaining interest in JW Marriott Essex House hotel
Strategic Hotels & Resorts announced that it has acquired the remaining 49% ownership interest in the 514-room JW Marriott Essex House hotel. The company previously owned a 51% ownership position in the asset through a joint venture with certain affiliates of KSL Capital Partners, LLC. 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 valuation of $84.6M. The transaction values the asset at a gross valuation of approximately $397.6M, which includes $6.3M of value for three owned condominiums, $2.2M of cash currently held within the joint venture, and the existing $225M mortgage financing. The net hotel purchase represents an approximately $757,000 per key valuation. The acquired 49% interest in the hotel is projected to generate an incremental approximately $5.5M of EBITDA in the remaining five months of 2015.
July 28, 2015
08:47 EDTBEEStrategic Hotels worth above $16.50 to a 'Trophy Buyer,' says Credit Suisse
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July 24, 2015
07:59 EDTBEEStrategic Hotels could be worth $14-$17 per share in takeover, says RBC Capital
After Bloomberg reported that Strategic Hotels & Resorts hired an investment bank to help the company explore a potential sale, RBC Capital estimates that the company could be sold for $14-$17 per share. It keeps an Outperform rating.
July 23, 2015
19:10 EDTBEEStrategic Hotels explores sale, Bloomberg says
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15:37 EDTBEEStrategic Hotels jumps 6.9%, halted for circuit breaker after said to seek buyer
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15:36 EDTBEEStrategic Hotels hires bank to seek buyer, Bloomberg says

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