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Stock Market & Financial Investment News

News Breaks
April 1, 2014
12:22 EDTBEEStrategic Hotels closes sale of hotel, acquisition of another
Strategic Hotels & Resorts announced two transactions: The closing of the sale of the Marriott London Grosvenor Square hotel and the acquisition of the remaining 50% ownership interest in the Fairmont Scottsdale Princess. Combined with the previously completed sale of the Four Seasons Punta Mita resort, the company executed over $715M in transactions in Q1. The company closed on the sale of the 237-room Marriott London Grosvenor Square hotel for $207.7M, or approximately $877,000 per key. Net proceeds from the transaction total approximately $96.5M, after the repayment of property-level net debt of $111.3M. The company also closed on the acquisition of the remaining 50% ownership interest in the 649-room Fairmont Scottsdale Princess resort for approximately $90.6M. Prior to the transaction, the company owned a 50% ownership position in the asset through a joint venture with an affiliate of Walton Street Capital. The transaction values the asset at a gross value of $307.5M and includes the assumption of the existing $117M mortgage financing. As part of the transaction, the company earned a promoted interest that was negotiated during the 2011 restructuring of the asset totaling $19.3M, resulting in a net purchase price of approximately $288M.
News For BEE From The Last 14 Days
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September 22, 2014
11:20 EDTBEEStrategic Hotels repeats FY14 FFO view 62c-68c, consensus 67c
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September 19, 2014
06:46 EDTBEEStrategic Hotels to host investor day
Investor day to be held on September 22 at 2 pm. Webcast Link

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