Strategic Hotels & Resorts Closes on the Acquisition of the 49% Interest in the Intercontinental Chicago Hotel

Strategic Hotels & Resorts, Inc. BEE, today announced that it closed on the acquisition of the 49 percent interest in the InterContinental Chicago hotel previously held by an affiliate of the Government of Singapore Investment Corporation in exchange for approximately 10.8 million shares of the Company's common stock at an agreed upon issuance price of $6.50 per share, approximately $11.8 million of cash consideration, its pro-rata share of working capital and certain reimbursements subject to a post-closing adjustment.