This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Strategic Hotels & Resorts, Inc. Recognized For Essex House Acquisition

CHICAGO, Feb. 22, 2013 /PRNewswire/ --  Strategic Hotels & Resorts, Inc. (NYSE: BEE) was awarded with the prestigious 'Single Asset Transaction of the Year' award at this year's Americas Lodging Investment Summit (ALIS).  The award recognized the purchase of the Essex House Hotel in New York City, which closed in September 2012.

With its enviable Central Park South location, storied history and high-end offerings, the Essex House presented a compelling acquisition opportunity for Strategic Hotels.  In addition to the favorable deal terms (which equated to approximately $685,000 per unit), the transaction marked Strategic Hotel's return to the New York City market, expanded its presence in the northeast corridor and brought the first JW Marriott-branded hotel to Manhattan. The property was immediately re-branded as the JW Marriott Essex House New York upon closing.

"The acquisition of the Essex House was a terrific achievement and was accomplished thanks to our outstanding team of hotel professionals as well as our valued partners at Marriott," said Raymond L. "Rip" Gellein, Jr., Chairman of the Board and Chief Executive Officer of Strategic Hotels & Resorts, Inc. "As this recognition acknowledges, we are opportunistic investors who are committed to making compelling, prudent, strategic investments that enhance our world-class portfolio and create shareholder value."

The iconic hotel was acquired from the Dubai Investment Group for a gross purchase price of approximately $362.3 million. The purchase price included 509 hotel rooms, nine condominium units and significant hotel-level cash reserves. An affiliate of Strategic Hotels previously owned the hotel, having solid it to the Dubai Investment Group for approximately $440.00 million in 2005. At that time the property included 605 hotel rooms and 10 condominium units.

The Americas Lodging Investment Summit (ALIS) awards recognize executives and companies responsible for the most influential hotel industry deals in 2012. Nominees are considered for the awards based on outstanding business performance in various industry sectors and determined by ALIS sponsors and delegates. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs