Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced that the holders of its shares of common stock approved the acquisition of the Company by affiliates of Blackstone Real Estate Partner VIII L.P. at its special meeting of stockholders held earlier today. Subject to the satisfaction or waiver of all closing conditions related to the transaction, the Company expects the transaction to close on December 11, 2015 and that such date will be the last trading day of the Company's shares on the New York Stock Exchange.
As announced previously, on September 4, 2015 the Company entered into a definitive agreement with Blackstone, under which Blackstone will acquire all outstanding shares of common stock of the Company for $14.25 per share and all of the outstanding membership units of the Company's subsidiary, Strategic Hotels Funding, L.L.C., not held by the Company, for $14.25 per unit in an all-cash transaction valued at approximately $6 billion.
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. The Company currently has ownership interests in 17 properties with an aggregate of 7,921 rooms and 847,000 square feet of multi-purpose meeting and banqueting space.
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