Strategic Hotels -5.6% after acquisition/offering


Strategic Hotels and Resorts (BEE) has reportedly priced its 36M share secondary offering at the low end of the expected $10.50-$10.90 range. The size of 36M shares was upsized from the original 34M offered.

BEE is acquiring the remaining 63.6% interest in the Hotel del Coronado for $210M from certain affiliates of Blackstone Real Estate Partners. The deal values the entire property at about $787M.

The net purchase price is 14.3x forecasted 2014 EBITDA and represents a 6.2% cap rate.

Previously: Strategic Hotels launches secondary to finance hotel acquisition

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