Strategic Hotels & Resorts Acquires Remaining Interest in JW Marriott Essex House Hotel
NEW YORK - 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 49 percent interest in the JW Marriott Essex House Hotel previously held by certain affiliates of KSL Capital Partners, LLC. Strategic previously owned a 51 percent ownership position in the asset through a joint venture with certain affiliates of KSL. Pursuant to the terms of the joint venture agreements, KSL exercised a contractual put option of its equity interests in the asset and Strategic issued an aggregate of 6,595,449 shares of common stock to certain affiliates of KSL priced at $12.82 per share, or an implied valuation of $84.6 million.
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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