Blackstone Group LP is close to a deal with the owners of the historic Hotel Del Coronado near San Diego to restructure the beachfront hotel's $630 million of debt and become a major owner of the property, according to people familiar with the matter.
Under the terms of the pending deal, Blackstone and existing owners Strategic Hotels & Resorts Inc., Kohlberg Kravis Roberts & Co. and KSL Resorts will contribute enough capital to chop the hotel's debt load to $425 million from $630 million, these people said.
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Showing posts with label Strategic Hotels. Show all posts
Showing posts with label Strategic Hotels. Show all posts
Thursday, January 27, 2011
Friday, January 7, 2011
Strategic Hotels & Resorts Provides Update Regarding the Hotel Del Coronado
CHICAGO, Jan. 7, 2011 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced today that the partnership that owns the Hotel del Coronado has received an extension on the loan maturity date associated with the hotel. The maturity date has been extended to February 9, 2011. Strategic Hotels owns a 45 percent interest in the partnership with affiliates of Kohlberg Kravis Roberts & Co. and KSL Resorts.
The extension will allow all parties to continue negotiations toward a viable long-term restructuring; however, no assurances can be made that such a restructuring may be achieved.
Laurence Geller, Chief Executive Officer of Strategic Hotels, said: "We remain optimistic that we will be successful in restructuring the debt. All constituents are working together to achieve the best possible outcome for this iconic asset. These negotiations in no way affect the operations at our hotel, where our exceptional staff remains wholly focused on providing an unforgettable luxury experience to all our guests."
The extension will allow all parties to continue negotiations toward a viable long-term restructuring; however, no assurances can be made that such a restructuring may be achieved.
Laurence Geller, Chief Executive Officer of Strategic Hotels, said: "We remain optimistic that we will be successful in restructuring the debt. All constituents are working together to achieve the best possible outcome for this iconic asset. These negotiations in no way affect the operations at our hotel, where our exceptional staff remains wholly focused on providing an unforgettable luxury experience to all our guests."
Sunday, December 19, 2010
STRATEGIC HOTELS & RESORTS CLOSES SALE OF THE
(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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Monday, September 27, 2010
Strategic Hotels & Resorts Signs Agreement to Sell the InterContinental Prague
By Eric Hertha - Hospitality Business News
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Thursday, August 5, 2010
STRATEGIC HOTELS & RESORTS REPORTS SECOND QUARTER 2010 RESULTS
CHICAGO – August 4, 2010 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the second quarter ended June 30, 2010.
Chief Executive Officer Laurence Geller remarked, “During the first half of the year we made tremendous progress in advancing our strategic plan. We are especially encouraged by significant revenue and profitability growth which was driven by broadly improving lodging demand and strength within both the corporate group and transient
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Chief Executive Officer Laurence Geller remarked, “During the first half of the year we made tremendous progress in advancing our strategic plan. We are especially encouraged by significant revenue and profitability growth which was driven by broadly improving lodging demand and strength within both the corporate group and transient
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Tuesday, May 18, 2010
Bill Gates Boosts His Stake In Strategic Hotels By 8M Shares
DOW JONES NEWSWIRES
Bill Gates bought another eight million shares of Strategic Hotels & Resorts Inc. (BEE) for $36.8 million, boosting his holdings to about 12.2 million shares total.
The company--a real-estate investment trust with properties in the U.S., Mexico and Europe--held a public offering of 40 million shares this week, hoping to raise proceeds for repaying debt. Many companies have been tapping equity markets to pay down their debt loads.
According to a filing with the Securities and Exchange Commission on Friday, Gates' investment fund Cascade tapped the offering to buy the shares at $4.60 apiece Thursday.
As of May 5, the company had 75.6 million total shares outstanding. In its earnings call that day, Chief Executive Laurence Geller said the company was surprised at the momentum of a recovery in high-end lodging. Its funds from operations, a key profitability metric for REITS, were flat in the first quarter excluding foreign currency exchange, as revenue slid just 1.5%.
Shares in Strategic Hotels closed down 4.8% Friday at $4.95. The stock has more than quadrupled in value over the last year.
Bill Gates bought another eight million shares of Strategic Hotels & Resorts Inc. (BEE) for $36.8 million, boosting his holdings to about 12.2 million shares total.
The company--a real-estate investment trust with properties in the U.S., Mexico and Europe--held a public offering of 40 million shares this week, hoping to raise proceeds for repaying debt. Many companies have been tapping equity markets to pay down their debt loads.
According to a filing with the Securities and Exchange Commission on Friday, Gates' investment fund Cascade tapped the offering to buy the shares at $4.60 apiece Thursday.
As of May 5, the company had 75.6 million total shares outstanding. In its earnings call that day, Chief Executive Laurence Geller said the company was surprised at the momentum of a recovery in high-end lodging. Its funds from operations, a key profitability metric for REITS, were flat in the first quarter excluding foreign currency exchange, as revenue slid just 1.5%.
Shares in Strategic Hotels closed down 4.8% Friday at $4.95. The stock has more than quadrupled in value over the last year.
Thursday, May 13, 2010
Strategic Hotels to conduct public offering
Strategic Hotels & Resorts Inc. said Monday it plans to make a public offering of 40 million shares of its common stock with an option to purchase up to 6 million more shares to cover overallotments. The real estate investment trust, which owns interests in 17 properties, plans to use the proceeds to fund its offer for its senior notes and for general corporate purposes. Shares of Strategic Hotels fell 74 cents, or 12 percent, to $5.19 in midday trading.
Wednesday, May 5, 2010
Strategic Hotels & Resorts Reports First Quarter 2010 Results
First Quarter Recap
Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share, unchanged from the prior year.
Comparable EBITDA was $22.0million compared with $22.8 million in the prior year period, a decline of 3.3 percent.
North American total revenue per available room (Total RevPAR) decreased 3.7 percent and revenue per available room (RevPAR) decreased 4.3 percent, driven by a1.6 percentage point increase in occupancy and a 6.9 percent decrease in average daily rate (ADR), as compared to the first quarter 2009. In addition, non-rooms revenue declined by 3.0 percent between periods.
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Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share, unchanged from the prior year.
Comparable EBITDA was $22.0million compared with $22.8 million in the prior year period, a decline of 3.3 percent.
North American total revenue per available room (Total RevPAR) decreased 3.7 percent and revenue per available room (RevPAR) decreased 4.3 percent, driven by a1.6 percentage point increase in occupancy and a 6.9 percent decrease in average daily rate (ADR), as compared to the first quarter 2009. In addition, non-rooms revenue declined by 3.0 percent between periods.
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Saturday, April 17, 2010
Outlook for Chicago’s Strategic Hotels not as rosy as stock jump indicates
Headquartered in Chicago, luxury hotel company Strategic Hotels and Resorts Inc. is building faith among investors, judging by its recent stock jumps. However, analysts are still forecasting a loss of 47 cents for this year and a 34 cent loss for 2011, rounding out four consecutive years of red ink.
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Friday, February 19, 2010
Strategic Hotels & Resorts Amends and Extends Loan Securing Intercontinental Prague Hotel
CHICAGO, Feb. 18 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE:BEE - News), today announced that the company has entered into an amendment with Aareal Bank AG on the euro 104 million non-recourse loan securing the InterContinental Prague Hotel. Under the terms of the amendment, the loan remains non-recourse and the maturity was extended by three years from its initial maturity of March 2012 to March 2015. During the remainder of the initial term, scheduled principal amortization is removed and the financial performance covenants are effectively waived.
Saturday, December 19, 2009
Strategic Hotels sells hotel property for $51.5M
Strategic Hotels & Resorts Inc. said Wednesday it is selling the Renaissance Paris Hotel Le Parc Trocadero to an investment group led by an affiliate of Westmont Hospitality for 35.5 million euros ($51.5 million).
The sale of the 116-room property is scheduled to close within 45 days, the company said.
Strategic Hotels & Resorts is a real estate investment trust that owns and provides asset management of high-end hotels and resorts in the United States, Mexico and Europe.
Shares of the company rose 3 cents to $1.79 in afternoon trading.
The sale of the 116-room property is scheduled to close within 45 days, the company said.
Strategic Hotels & Resorts is a real estate investment trust that owns and provides asset management of high-end hotels and resorts in the United States, Mexico and Europe.
Shares of the company rose 3 cents to $1.79 in afternoon trading.
Wednesday, October 14, 2009
Strategic Hotels sell enough bonds to keep New Orleans restoration plan alive
NEW ORLEANS (AP) -- The owners of the Hyatt Regency New Orleans have sold only 10 percent of the special bonds needed to help finance the hotel's post-Hurricane Katrina overhaul, but that's enough to keep a redevelopment plan alive through 2010.
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Tuesday, October 13, 2009
Fairmont Chicago off the block
After fielding bids for the Fairmont Chicago, Strategic Hotels & Resorts Inc. has taken the 687-room hotel off the market. Under pressure to raise cash and lower its debt level, the Chicago-based hotel owner put the property at 200 N. Columbus Drive up for sale in May
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Wednesday, October 7, 2009
Strategic Hotels & Resorts Signs Purchase and Sale Agreement for Disposition of the Four Seasons Mexico City
CHICAGO, Oct. 5 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that the company has signed a purchase and sale agreement for the sale of the Four Seasons Mexico City to Meridia Capital for a gross price of $54.0 million, or $225,000 per room. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter and the company expects to record a book gain of approximately $4.5 million
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Thursday, August 6, 2009
STRATEGIC HOTELS & RESORTS REPORTS SECOND QUARTER 2009 RESULTS
CHICAGO – August 5, 2009 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the second quarter ended June 30, 2009.
Second Quarter Recap
􀂃 Comparable funds from operations (Comparable FFO) was a loss of $0.03 per diluted share compared
with income of $0.48 per diluted share in the prior year.
􀂃 Quarterly Comparable EBITDA was $33.6 million compared with $74.1 million in the prior year
Read more:
http://www.strategichotels.com/documents/BEE_Q2_2009_Earnings_Press_Release.pdf
Supplemental Information
http://www.strategichotels.com/documents/BEE_Q2_2009_Supplemental_Information.pdf
Second Quarter Recap
􀂃 Comparable funds from operations (Comparable FFO) was a loss of $0.03 per diluted share compared
with income of $0.48 per diluted share in the prior year.
􀂃 Quarterly Comparable EBITDA was $33.6 million compared with $74.1 million in the prior year
Read more:
http://www.strategichotels.com/documents/BEE_Q2_2009_Earnings_Press_Release.pdf
Supplemental Information
http://www.strategichotels.com/documents/BEE_Q2_2009_Supplemental_Information.pdf
Thursday, July 23, 2009
Cigarette firm invests in Strategic Hotels
(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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http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34808
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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http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34808
Thursday, May 7, 2009
STRATEGIC HOTELS & RESORTS REPORTS FIRST QUARTER 2009 RESULTS
Supplemental information
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDc0OHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1
CHICAGO – May 6, 2009 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the first
quarter ended March 31, 2009.
First Quarter Recap
􀂃 Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share compared
with income of $0.30 per diluted share in the prior year.
􀂃 Quarterly Comparable EBITDA was $22.8 million compared with $55.7 million in the prior year.
􀂃 North American total revenue per available room (Total RevPAR) decreased 22.8 percent and
revenue per available room (RevPAR) decreased 24.1 percent driven by a 10.1 percentage point
decrease in occupancy and an 11.1 percent decrease in average daily rate (ADR). Non-rooms revenue
declined by 22.0 percent.
􀂃 European Total RevPAR decreased 26.1 percent (12.3 percent in constant dollars) and RevPAR
decreased 29.3 percent (14.4 percent in constant dollars).
􀂃 North American gross operating profit (GOP) and EBITDA margins contracted 560 basis points and
630 basis points, respectively. North American EBITDA per room declined 43.7 percent.
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDc0OHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1
CHICAGO – May 6, 2009 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the first
quarter ended March 31, 2009.
First Quarter Recap
􀂃 Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share compared
with income of $0.30 per diluted share in the prior year.
􀂃 Quarterly Comparable EBITDA was $22.8 million compared with $55.7 million in the prior year.
􀂃 North American total revenue per available room (Total RevPAR) decreased 22.8 percent and
revenue per available room (RevPAR) decreased 24.1 percent driven by a 10.1 percentage point
decrease in occupancy and an 11.1 percent decrease in average daily rate (ADR). Non-rooms revenue
declined by 22.0 percent.
􀂃 European Total RevPAR decreased 26.1 percent (12.3 percent in constant dollars) and RevPAR
decreased 29.3 percent (14.4 percent in constant dollars).
􀂃 North American gross operating profit (GOP) and EBITDA margins contracted 560 basis points and
630 basis points, respectively. North American EBITDA per room declined 43.7 percent.
