Strategic Hotels & Resorts, Inc.NYSE
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  • 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.
    | Sun, Mar. 13, 5:10 AM | 30 Comments
  • Oct. 1, 2015, 3:17 PM
    | Oct. 1, 2015, 3:17 PM
  • 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.
    | Sep. 8, 2015, 8:46 AM | 11 Comments
  • 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.
    | Dec. 12, 2013, 6:29 PM
  • Jun. 14, 2013, 3:29 AM
    More 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