Strategic Hotels & Resorts, Inc.

Strategic Hotels & Resorts Announces Share Repurchase Program

Published in Health Business Week, July 25th, 2008

Strategic Hotels & Resorts, Inc. (NYSE:BEE), announced that the company's Board of Directors has authorized a $50 million share repurchase program in conjunction with the sale of the Hyatt Regency Phoenix.

The Hyatt Regency Phoenix was sold to Di Napoli Capital Partners L.L.C., in a joint venture with Pacific Coast Capital Partners, for a gross price of $96 million. The 696-room property contributed approximately $11.3 million in EBITDA to the company on a trailing 12-month basis.

Laurence Geller, Chief Executive Officer, commented, "We are pleased to have consummated this transaction with Matt Di Napoli and his team, with whom we have a decade long...

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Source: Health Business Week (2008-07-25)

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