Blackstone to Acquire Strategic Hotels & Resorts for $6B
September 09, 2015
Blackstone has entered into a definitive agreement to acquire all outstanding shares of common stock of Strategic Hotels & Resorts (NYSE: BEE) in a transaction valued at $6 billion. As outlined in the deal, Blackstone will acquire all shares directly from the company for $14.25 each and all membership units held by the company's subsidiary, Strategic Hotels Funding, for the same price. The offer price represents a premium of approximately 13% over the unaffected intra-day trading price on July 23, when articles first surfaced reporting a potential transaction. Strategic Hotels & Resorts is a real estate investment trust that provides value enhancing asset management of high-end hotels and resorts across the U.S. The transaction is expected to close in 1Q 2016.