Blackstone acquires Strategic Hotels and Resorts
Private equity firm Blackstone has announced an agreement to acquire real estate investment trust Strategic Hotels & Resorts.
The all cash deal including debt is worth about $6 billion and incorporates its high-end hotel assets which include several Four Seasons properties.
The deal is expected to close by the first quarter of 2016, the companies said.
"The board thoroughly considered various alternatives over the course of the past few years, and this all-cash offer from Blackstone creates significant stockholder value," said Raymond L. Gellein, Strategic CEO.
We believe this transaction capitalizes on our unique portfolio, strong asset management platform and continued operating outperformance over the past several years."
About a month ago Chicago-based Strategic Hotels announced it was actively seeking a buyer.
Blackstone will pay $14.25 a share which represents a 13% premium on the share price prior to news in late July the company was exploring a possible sale.
"As long term investors in the lodging industry, we remain confident in the fundamentals of the sector despite recent market volatility," said Tyler Henritze, co-head of US acquisitions for Blackstone Real Estate.
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