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Strategic Hotels cuts guidance after deals

  • Comparable FY14 EBITDA is expected at $210M-$230M vs. $220M-$240M previously. Comparable FFO per share of $0.50-$0.60 vs. $0.53-$0.63 previously. The company blames the timing and seasonality of the two hotels bought and sold. Other metrics - RevPAR growth of 5-7% and Total RevPAR in the range of 4.5-6.5% for same store and total U.S. hotel portfolios is reaffirmed.
  • Sold is the Marriott London Grosvenor Square hotel for $207.7M which finalizes Strategic Hotels' (BEE -1.4%) exit from Europe. Purchased is the remaining 50% interest in the Fairmont Scottsdale Princess for about $90.6M.
  • Press release
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