Blackstone Completes Acquisition of Strategic Hotels & Resorts, Inc.

CHICAGO—Affiliates of Blackstone Real Estate Partners VIII L.P. have completed the acquisition of Strategic Hotels & Resorts, Inc., a real estate investment trust that has ownership interests in 17 properties. The total transaction value is approximately $6 billion.

Pursuant to the transaction, holders of shares of common stock of Strategic Hotels & Resorts, Inc. will be entitled to receive $14.25 in cash, without interest, for each share of the common stock they own, and holders of membership units of the Strategic Hotels & Resorts, Inc.’s subsidiary, Strategic Hotel Funding, L.L.C. will be entitled to receive $14.25 in cash, without interest, for each unit they own.