 |
Strategic Hotels & Resorts Closes on Joint Venture on the InterContinental Chicago and the Hyatt Regency La Jolla |
|
Strategic Hotels & Resorts, Inc. (NYSE: BEE), announced that the company has closed on the previously announced joint venture agreement on the InterContinental Chicago and the Hyatt Regency La Jolla, effective August 31, 2007. |
Under the terms of the agreement, GIC Real Estate Pte Ltd, the real estate investment company of the Government of Singapore Investment Corporation Pte Ltd., acquired a 49 percent interest in the company's InterContinental Chicago and Hyatt Regency La Jolla hotels. Strategic Hotels & Resorts holds the remaining 51 percent interest and entered into long term asset management and other services agreements with the venture. The transaction had a gross aggregate value of $450 million.
|
|
|
 |
|
 |
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News