The total transaction value is approximately $6 billion.
CHICAGO – Strategic Hotels & Resorts, Inc. announced the completion of the acquisition of the company by affiliates of Blackstone Real Estate Partners VIII L.P. The total transaction value is approximately $6 billion.
Pursuant to the transaction, holders of shares of common stock of Strategic Hotels & Resorts, Inc. will be entitled to receive $14.25 in cash, without interest, for each share of the common stock they own, and holders of membership units of the company’s subsidiary, Strategic Hotel Funding, L.L.C. (other than the Company), will be entitled to receive $14.25 in cash, without interest, for each unit they own. As a result of the completion of the acquisition, the company’s common stock will cease trading on the New York Stock Exchange.
J.P. Morgan acted as financial advisor to Strategic Hotels & Resorts, Inc. J.P. Morgan and Duff & Phelps provided fairness opinions to the company’s Board of Directors in connection with the transaction. Sidley Austin LLP acted as legal advisor to Strategic Hotels. Citibank, Deutsche Bank and Goldman Sachs acted as financial advisors to Blackstone. Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone.
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