Strategic Hotels & Resorts closes on the sale of its interest in the Paris Marriott Champs Elysees hotel for €29.2M
April 19, 2011
– Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that the Company has closed on the sale of its leasehold interest in the Paris Marriott Champs Elysees hotel for euro 29.2 million ($41.8 million). As part of the transaction, the Company also expects to receive an additional euro 11.6 million ($16.6 million) related to the release of the leasehold guarantee and other closing adjustments for total proceeds of euro 40.8 million ($58.4 million).
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, Mexico and Europe. The company currently has ownership interests in 17 properties with an aggregate of 7,762 rooms. For a list of current properties and for further information, please visit the company's website at http://www.strategichotels.com/.