Blackstone to Purchase Strategic Hotels for $6 Billion

Strategic Hotels & Resorts, Inc. (NYSE: BEE) said Sept. 8 that private equity firm Blackstone Group LP has agreed to purchase the REIT for approximately $ 6 billion.

Blackstone agreed to pay $ 14.25 in cash for each Strategic share. That represents a premium of approximately 13 percent above the intra-day trading price on July 23, when a news report pointed to a potential transaction. The acquisition includes Strategic subsidiary Strategic Hotels Funding LLC as well as all of the firm’s outstanding debt.

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