Strategic Hotels & Resorts, Inc. To Redeem All Outstanding Shares Of Its 8.25% Series C Cumulative Redeemable Preferred Stock

Strategic Hotels & Resorts, Inc. To Redeem All Outstanding Shares Of Its 8.25%
                Series C Cumulative Redeemable Preferred Stock

PR Newswire

CHICAGO, June 2, 2014

CHICAGO, June 2, 2014 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE:
BEE) today announced that it intends to redeem all of the outstanding
3,827,727 shares of its 8.25% Series C Cumulative Redeemable Preferred Stock
(NYSE: BEE-PC) (the "Series C Preferred Shares") on July 3, 2014 (the "Call
Date"). The Series C Preferred Shares will be redeemed at a redemption price
of $25.00 per share, plus accrued and unpaid dividends from July 1, 2014 up to
and including the Call Date in the amount of $0.01719 per share, for a total
redemption cost of $95,758,973.63. From and after the Call Date, dividends
will cease to accrue and the only remaining rights of holders of Series C
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 C Preferred Shares will be mailed to holders of record of
such shares on or about June 3, 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 C
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 C Preferred Shares should be directed to
Computershare Trust Company, N.A. at 1-855-396-2084.

Strategic also declared a quarterly cash dividend of $0.51563 per share of its
Series C Preferred Shares and a cash dividend of $0.51563 per share of its
8.25% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred
Shares"). The Series C Preferred Share and Series B Preferred Share dividends
are each payable on or about June 30, 2014, to shareholders of record of each
of the Series C Preferred Shares and Series B Preferred Shares, respectively,
as of the close of business on June 16, 2014. In addition, Strategic has
declared and set apart for payment a dividend on the Series B Preferred Shares
for the period from July 1, 2014 up to and including the Call Date at the rate
of $2.0625 per annum (or $0.51563 per quarter), which dividend is expected to
be paid as part of the normal quarterly dividend on the Series B Preferred
Shares on or about September 30, 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 16 properties with an aggregate of 7,862 rooms and
835,000 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, including statements regarding the
redemption of the Series C Preferred Shares and the payment of dividends.
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 obtain, refinance or extend maturing debt; the Company's
ability to maintain compliance with covenants contained in the Company's debt
facilities; stagnation or 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 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 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.

Website: http://www.strategichotels.com
Contact: Diane Morefield, EVP & Chief Financial Officer, Strategic Hotels &
Resorts, (312) 658-5740, or Jonathan Stanner, Vice President, Capital Markets
& Treasurer, Strategic Hotels & Resorts, (312) 658-5746
 
Press spacebar to pause and continue. Press esc to stop.