Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced today that the partnership that owns the Hotel del Coronado has received an extension on the loan maturity date associated with the hotel. The maturity date has been extended to February 9, 2011. Strategic Hotels owns a 45 percent interest in the partnership with affiliates of Kohlberg Kravis Roberts & Co. and KSL Resorts.
The extension will allow all parties to continue negotiations toward a viable long-term restructuring; however, no assurances can be made that such a restructuring may be achieved.
Laurence Geller, Chief Executive Officer of Strategic Hotels, said: "We remain optimistic that we will be successful in restructuring the debt. All constituents are working together to achieve the best possible outcome for this iconic asset. These negotiations in no way affect the operations at our hotel, where our exceptional staff remains wholly focused on providing an unforgettable luxury experience to all our guests."
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 16 properties with an aggregate of 7,630 rooms.
