Real Estate M&A » By The Online Investor Staff, updated Thu., May. 2, 10:24 PM
Recent mergers and acquisitions in the Real Estate M&A category.
Slide #90. Strategic Hotels & Resorts, Inc. — New York City's Essex House Hotel from the Dubai Investment Group
Acquirer: |
Strategic Hotels & Resorts, Inc. (BEE) |
Acquiree: |
New York City's Essex House Hotel from the Dubai Investment Group |
Details: |
Strategic Hotels & Resorts, Inc. announced that it has signed an agreement to purchase New York City's Essex House Hotel from the Dubai Investment Group for a gross purchase price of approximately $362.3 million. The purchase price includes 509 hotel rooms, nine condominium units and significant hotel-level cash reserves. Net of the acquired cash reserves, the transaction equates to a purchase price of approximately $685,000 per unit, based on 518 total units. The transaction, which is subject to the satisfaction of customary closing conditions, is expected to close on or before September 7, 2012. |
Strategic Hotels & Resorts operates as a self-administered and self-managed real estate investment trust. Co. conduct its operations through its direct and indirect subsidiaries including Strategic Hotel Funding, L.L.C. As of Feb 23 2015, Co.: wholly owned or leased 14 hotels, had 53.5% and 51.0% interests in affiliates that each own one hotel where Co. asset managed such hotels, own land held for development including: 50.7 acres of oceanfront land in Nayarit, Mexico; 13.8 acres of land in Scottsdale, AZ, entitled for development and residential usage; and a 20,000 sq. ft. oceanfront land parcel in Santa Monica, CA, entitled for development and residential units. Preferreds: BEE.PRB, BEE.PRC, BEE.PRA
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May 2, 2024 10:24 PM Eastern
Hold (2.00 out of 4)
63rd percentile
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