• Strategic share issue

Strategic Hotels is issuing 34 million new shares to fund the purchase of a San Diego hotel and pay down debt. USD210m from the fundraising will buy the 63.6% balance of the Hotel del Coronado from investment partner Blackstone.

Remaining funds will be used by Strategic to pay down a tranche of 8.25% preferred stock, reducing funding costs. The share offering is being underwritten by JP Morgan, Deutsche Bank, BofA Merrill Lynch and Wells Fargo.
Read the full story here:
http://ir.strategichotels.com/phoenix.zhtml?c=176522&p=irol-newsArticle&ID=1934690&highlight=

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