Strategic Hotels & Resorts Announces Agreement to Sell Hilton Burbank Airport
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Strategic Hotels & Resorts Announces Agreement to Sell Hilton Burbank Airport
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-08-25
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed an agreement with Pyramid Hotel Opportunity Venture II LLC, to sell the Hilton Burbank Airport in Burbank, California, for $125 million, or $256,000 per room.
The 488-room property was projected to contribute approximately $10.1 million in EBITDA in 2006, resulting in a 12.4x EBITDA multiple on the sale. The transaction, subject to customary closing conditions, is anticipated to close in September 2006.
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