Strategic Hotels & Resorts Closes On The Sale Of The Four Seasons Punta Mita Resort

 Strategic Hotels & Resorts Closes On The Sale Of The Four Seasons Punta Mita

PR Newswire

CHICAGO, Feb. 28, 2014

CHICAGO, Feb. 28, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE:
BEE) today announced that the Company has closed on the sale of the Four
Seasons Punta Mita Resort and the adjacent La Solana land parcel for $200.0
million. The Company expects after tax proceeds to total approximately $180.0
million which it intends to use to retire its 8.50% Series A Preferred Stock
and reduce indebtedness under its revolving credit facility.

About the Company
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT)
which owns and provides value-enhancing asset management of high-end hotels
and resorts in the United States and Europe. The Company currently has
ownership interests in 17 properties with an aggregate of 8,099 rooms and
847,000 square feet of meeting space. For a list of current properties and for
further information, please visit the Company's website at

This press release contains forward-looking statements about Strategic Hotels
& Resorts, Inc. (the "Company"). Except for historical information, the
matters discussed in this press release are forward-looking statements subject
to certain risks and uncertainties. These forward-looking statements include
statements regarding the Company's expected use of proceeds from the
disposition of the Four Seasons Punta Mita Resort. Actual results could
differ materially from the Company's projections. Factors that may contribute
to these differences include, but are not limited to the following: a change
in the proposed use of proceeds from the disposition of the Four Seasons Punta
Mita Resort; the effects of economic conditions and disruptions in financial
markets upon business and leisure travel and the hotel markets in which the
Company invests; the Company's liquidity and refinancing demands; the
Company's ability to obtain, refinance or extend maturing debt; the Company's
ability to maintain compliance with covenants contained in its debt
facilities; stagnation or further deterioration in economic and market
conditions, particularly impacting business and leisure travel spending in the
markets where the Company's hotels operate and in which the Company invests,
including luxury and upper upscale product; general volatility of the capital
markets and the market price of the Company's shares of common stock;
availability of capital; the Company's ability to dispose of properties in a
manner consistent with its investment strategy and liquidity needs;
hostilities and security concerns, including future terrorist attacks, or the
apprehension of hostilities, in each case that affect travel within or to the
United States, Germany, England or other countries where the Company invests;
difficulties in identifying properties to acquire and completing acquisitions;
the Company's failure to maintain effective internal control over financial
reporting and disclosure controls and procedures; risks related to natural
disasters; increases in interest rates and operating costs, including
insurance premiums and real property taxes; delays and cost-overruns in
construction and development; marketing challenges associated with entering
new lines of business or pursuing new business strategies; the Company's
failure to maintain its status as a REIT; changes in the competitive
environment in the Company's industry and the markets where the Company
invests; changes in real estate and zoning laws or regulations; legislative or
regulatory changes, including changes to laws governing the taxation of REITs;
changes in generally accepted accounting principles, policies and guidelines;
and litigation, judgments or settlements.

Additional risks are discussed in the Company's filings with the Securities
and Exchange Commission, including those appearing under the heading "Item 1A.
Risk Factors" in the Company's most recent Form 10-K and subsequent Form
10-Qs. Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. The forward-looking
statements are made as of the date of this press release, and the Company
undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise,
except as required by law.

SOURCE Strategic Hotels & Resorts, Inc.

Contact: Diane Morefield, EVP & Chief Financial Officer, Strategic Hotels &
Resorts, (312) 658-5740; Jonathan Stanner, Vice President, Capital Markets &
Treasurer, Strategic Hotels & Resorts, (312) 658-5746
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