Published On:
Wed, Sep 9th, 2015
Blackstone to Acquire Strategic Hotels for $3.93 Billion
Strategic owns high-end properties including Manhattan's Essex House.
Blackstone Group LP agreed to buy Strategic Hotels & Resorts Inc., an owner of luxury lodging properties across the U.S., for about $3.93 billion in an expansion of its hotel holdings.
Blackstone offered $14.25 a share in cash for Strategic, about 13% more than the unaffected intraday trading price on July 23, when Bloomberg reported on a potential transaction for the Chicago-based real estate investment trust. The firm also will buy the outstanding units of a subsidiary, Strategic Hotels Funding LLC, not held by the company.
Read the full story at Bloomberg by Oshrat Carmiel
Read more about: Blackstone Group LP, Buy, Hotels & Resorts Inc.About the Author
