Strategic Hotels & Resorts Closes on Joint Venture Agreement to Acquire 45 Percent Interest in Hotel del Coronado
Strategic Hotel Capital, Inc. (NYSE:SLH) , which operates as Strategic Hotels & Resorts, today announced that the company closed on the previously announced agreement to acquire a 45 percent joint venture ownership interest in the Hotel del Coronado in San Diego, California.
An affiliate of Kohlberg Kravis Roberts & Co. holds 41 percent and KSL Resorts holds the remaining 14 percent of the joint venture. The agreed upon market value of the new joint venture was $745 million, of which Strategic's total equity investment was approximately $70 million.
About the Company
Strategic Hotel Capital, Inc. also operates under the name Strategic Hotels & Resorts and is a real estate investment trust, which owns and asset manages high-end hotels and resorts. The company has ownership interests in 17 properties with an aggregate of 8,264 rooms.
Logos, product and company names mentioned are the property of their respective owners.
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