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Stock Market & Financial Investment News

News Breaks
June 2, 2014
16:12 EDTBEEStrategic Hotels raises FY14 comparable FFO, EBITDA views
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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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