Strategic Hotels & Resorts, Inc. To Market Four Seasons Resort Jackson Hole
CHICAGO, Oct. 1, 2012 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced today that it has hired Hodges Ward Elliott, a leading hotel brokerage and investment firm, to advise the Company on the marketing and sale of its Four Seasons Resort Jackson Hole property.
"As we have shown, we will selectively consider both acquisition and disposition opportunities that strengthen our Company for the long-term," said Laurence Geller, President and Chief Executive Officer of Strategic Hotels & Resorts, Inc. "This property is unique in that it is unencumbered by debt, is in pristine condition, and has benefitted from our value enhancing asset management programs. Assuming we do achieve an outcome that meets our criteria, the sale proceeds would be used to further de-lever our balance sheet."
The Four Seasons Resort Jackson Hole opened in 2003 and was acquired by Strategic Hotels in 2011. It includes 124 guestrooms, 45 private residences, of which 32 are included in the hotel's guest room supply, and 12 fractional units. In addition, the resort's 8,000 square feet of indoor conference and banquet space is enhanced by almost 4,000 square feet of outdoor terrace and lawn space. Designed with an undeniably-Western mountain style, the Resort boasts ski-in/ski-out accommodations, an award-winning luxury spa, and is in close proximity to other attractive destinations such as Yellowstone and Teton National Parks.
Recently, the Resort was recognized as the "Best Performer in the Luxury Segment" category by Smith Travel Research (STR). In addition, it was again recognized as a Five Diamond Hotel from AAA and received the 2011 Forbes Five-Star Award for its fourth consecutive year. The Spa at Four Seasons Resort Jackson Hole received the 2011 Forbes Four-Star Award, earning it a status shared by only 108 spas globally, and was recognized as being among the top 100 spa resorts in the US by Conde Nast's 2012 reader poll.
About Strategic Hotels & Resorts
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The Company currently has ownership interests in 18 properties with an aggregate of 8,271 rooms and 851,600 square feet of multi-purpose meeting and banqueting space. For a list of current properties and for further information, please visit the Company's website at http://www.strategichotels.com/
About Hodges Ward Elliott
HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients. Per Real Estate Alert, between 2006 and 2011, HWE sold more large hotels ($25 million or greater) than any other brokerage firm in the US. In 2011, HWE sold and financed over 200 hotels for a total transaction volume of more than $4.1 billion. Year-to-date 2012, HWE has sold or financed more than $1.4 billion of hotel assets.
This press release contains forward-looking statements about Strategic Hotels & Resorts, Inc. (the "Company"). Except for historical information, the matters discussed in this press release are forward-looking statements subject to certain risks and uncertainties. Actual results could differ materially from the Company's projections. Factors that may contribute to these differences include, but are not limited to the following: ability to obtain, refinance or restructure debt or comply with covenants contained in our debt facilities; volatility in equity or debt markets; availability of capital; rising interest rates and operating costs; rising insurance premiums; cash available for capital expenditures; competition; demand for hotel rooms in our current and proposed market areas; economic conditions generally and in the real estate market specifically, including deterioration of economic conditions and the extent of its effect on business and leisure travel and the lodging industry; ability to dispose of existing properties in a manner consistent with our disposition strategy; delays in construction and development; demand for hotel condominiums; the failure of closing conditions to be satisfied; risks related to natural disasters; the effect of threats of terrorism and increased security precautions on travel patterns and hotel bookings; the outbreak of hostilities and international political instability; legislative or regulatory changes, including changes to laws governing the taxation of REITs; and changes in generally accepted accounting principles, policies and guidelines applicable to REITs.
Additional risks are discussed in the Company's filings with the Securities and Exchange Commission, including those appearing under the heading "Item 1A. Risk Factors" in the Company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Strategic Hotels & Resorts, Inc.