(Hospitality Business News) CHICAGO, IL – December 16, 2010 – Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has closed on its disposition of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately €108.0 million. The consideration represents the assignment of the property’s third party debt and the interest rate swap liability related to the third party indebtedness, estimated to be approximately €6.4 million as of November 30, 2010. In addition, as part of the transaction, approximately €2.0 million of restricted cash related to the property was released to the company.
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