Strategic Hotels & Resorts, Inc. To Redeem All Outstanding Shares Of Its 8.50% Series A Cumulative Redeemable Preferred Stock

Strategic Hotels & Resorts, Inc. To Redeem All Outstanding Shares Of Its 8.50%
                Series A Cumulative Redeemable Preferred Stock

PR Newswire

CHICAGO, March 3, 2014

CHICAGO, March 3, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc.
(NYSE: BEE) today announced that it intends to redeem all of the outstanding
4,148,141 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock
(NYSE: BEE-PA) (the "Series A Preferred Shares") on April 3, 2014 (the "Call
Date"). The Series A Preferred Shares will be redeemed at a redemption price
of $25.00 per share, plus accrued and unpaid dividends up to and including the
Call Date in the amount of $0.54896 per share, for a total redemption cost of
$105,980,688.48. From and after the Call Date, dividends will cease to accrue
and the only remaining rights of holders of Series A Preferred Shares will be
to receive payment of the redemption price, plus accrued and unpaid dividends
up to and including the Call Date.

The notice of redemption and other materials relating to the redemption of
shares of the Series A Preferred Shares will be mailed to holders of record of
such shares on or about March 4, 2014. As will be specified in the notice of
redemption, payment of the redemption price will be made only upon
presentation and surrender of the certificates representing the Series A
Preferred Shares to the redemption agent, Computershare Trust Company, N.A.
If delivered by mail, certificates should be sent to 250 Royall Street,
Canton, MA 02021, Attn: Corporate Actions. Questions relating to the notice of
redemption of the Series A Preferred Shares should be directed to
Computershare Trust Company, N.A. at 1-855-396-2084.

Strategic also declared a cash dividend of $0.51563 per share of its 8.25%
Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Shares")
and a cash dividend of $0.51563 per share of its 8.25% Series C Cumulative
Redeemable Preferred Stock ("Series C Preferred Shares"). The Series B
Preferred Share and Series C Preferred Share dividends are each payable on or
about March 31, 2014, to shareholders of record of each of the Series B
Preferred Shares and Series C Preferred Shares, respectively, as of the close
of business on March 14, 2014.

About Strategic Hotels & Resorts

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 multi-purpose meeting and banqueting space. For a list
of current properties and for further information, please visit the Company's
website at www.strategichotels.com.

Forward-Looking Statements

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. 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: 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 maintain
compliance with covenants contained in the Company's 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 the Company's 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 the Company's 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 annual report on Form 10-K and
subsequent quarterly reports on Form 10-Q. 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 we undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.

SOURCE Strategic Hotels & Resorts, Inc.

Website: http://www.strategichotels.com
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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