Strategic Hotels & Resorts Closes Acquisition of the Four Seasons Jackson Hole and Four Seasons Silicon Valley and $50 Million Equity Issuance (United States)
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Strategic Hotels & Resorts Closes Acquisition of the Four Seasons Jackson Hole and Four Seasons Silicon Valley and $50 Million Equity Issuance (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-03-14
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the Company has closed on the acquisition of the Four Seasons Jackson Hole and Four Seasons Silicon Valley from The Woodbridge Company Limited (Woodbridge) in exchange for an aggregate of 15.2 million shares of common stock at an agreed upon issuance price of $6.25 per share, or an implied valuation of $95.0 million. The Company also closed on the issuance of an additional 8.0 million shares of its common stock to Woodbridge resulting in total gross proceeds of $50.0 million which will be used to pay down the Company's revolving credit facility. The Company was advised by Deutsche Bank Securities Inc. and Avington Financial Limited on the transaction.
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 18 properties with an aggregate of 7,954 rooms.
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