Strategic Hotels & Resorts, Inc.NYSE
Sun, Mar. 13, 5:10 AM
- China's Anbang Insurance Group has agreed to acquire Strategic Hotels & Resorts (NYSE:BEE) for around $6.5B, as the owner of New York's iconic Waldorf Astoria further expands its U.S. hotel portfolio, Reuters reports.
- The deal comes just three months after Strategic Hotels' current owner, private equity firm Blackstone Group (NYSE:BX), took the U.S. luxury-resort company private for around $6B.
- Strategic Hotels' properties include the Four Seasons Washington, D.C., the Westin St. Francis in San Francisco and the beach-front Ritz-Carlton Laguna Niguel in Orange County, California.
Oct. 1, 2015, 3:17 PM
- There's a disconnect and that creates opportunities for us," says Blackstone (BX -0.9%) global real estate chief Jon Gray, speaking about the gaping hole between the net asset values and stock prices for much of the REIT sector.
- Blackstone, of course, stepped right into that gap last month with an agreement to buy Strategic Hotels (NYSE:BEE) for $6B. The P-E giant also is reportedly sniffing around BioMed Realty Trust (BMR +1.4%).
- The iShares Dow Jones U.S. Real Estate ETF (NYSEARCA:IYR) is off about 15% since its 2015 peak in late January. How about the gap in Blackstone? It's stock is lower by about 30% since Memorial Day.
- Previously: Frustrated Schwarzman argues higher valuation for Blackstone (Sept. 4)
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Sep. 8, 2015, 8:46 AM
- Strategic Hotels & Resorts (NYSE:BEE) had more or less put itself on the block this summer, and the buyer for $14.25 per share in cash is Blackstone (NYSE:BX).
- The stock's higher by 3.7% premarket to $14.10. The $14.25 deal price is roughly 13% above the price on July 23 when the first media report of a potential sale hit.
Dec. 12, 2013, 6:29 PM
- Strategic Hotels & Resorts (BEE) sells the Four Seasons Punta Mita resort and adjacent 48 acre La Solana land parcel in Mexico for $200M to Bill Gates' Cascade Investment (a 6.4% shareholder of BEE). Closing is expected in Q1.
- The sale represents a price of ~$980K/key. The resort was acquired back in 2001 from DESC and Four Seasons for an undisclosed price.
- The company has been taken to task for its relative underperformance by activists like Orange Capital, with one of the fund's recommendations being that BEE explore strategic alternatives.
Jun. 14, 2013, 3:29 AMMore on Strategic Hotels & Resorts (BEE) possible sale: The luxury hotel REIT has hired Wells Fargo unit Eastdil Secured to explore its options. Strategic's portfolio includes Ritz-Carlton and JW Marriott luxury brands and is worth $3.5B, well above the company's $1.82B market cap. The decision to consider a sale follows pressure from activist investor Orange Capital, which owns a 3.7% stake in Strategic. Shares jumped 10.6% in AH trading. | Jun. 14, 2013, 3:29 AM