(Crain’s) — A discount cigarette company has acquired more than 7% in Strategic Hotels & Resorts Inc., saying it might take an activist role in the struggling luxury hotel company.
Miami-based Vector Group Ltd., which traces its history to the Liggett & Meyers tobacco company, bought 5.33 million shares in Chicago-based Strategic Hotels from June 2 through July 8, according to a filing Monday with the Securities and Exchange Commission. Vector paid about $7.14 million for the shares, a stake of about 7.1%, according to the filing.
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