Paul Hastings Advises Strategic Hotels & Resorts, Inc. in Connection with its Acquisition of the Montage Laguna Beach
New York, NY- Paul Hastings LLP, a leading global law firm, announced today that the firm advised Strategic Hotels & Resorts, Inc. (NYSE: BEE), a real estate investment trust which owns and provides value enhancing asset management of high-end hotels and resorts, in connection with its acquisition of the Montage Laguna Beach resort from an affiliate of Ohana Real Estate Investors LLC in exchange for 7,347,539 shares of its common stock priced at $13.61 per share, or an implied valuation of $100 million, the assumption of a $150 million mortgage loan encumbering the property and approximately $110 million in cash, plus customary working capital adjustments.
Paul Hastings has represented Strategic Hotels since 2005 and has since that time represented Strategic Hotels in connection with over a dozen equity and debt financings and numerous other matters.
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