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Real Estate

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

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