Strategic Buys Rest of Hotel del Coronado From Blackstone
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Strategic Hotels & Resorts Inc. agreed to buy the portion of the Hotel del Coronado it doesn’t already own from joint-venture partner Blackstone Group LP in a deal that values the property at $787 million.
The lodging company will pay $210 million for the 63.6 percent stake, and assume an existing mortgage of about $475 million, Chicago-based Strategic said in a statement. The property’s total value excludes about $18 million of cash in the venture.