Strategic Hotels & Resorts, Inc. Announces Closing of a Seven-Year, $85 Million Loan Secured by the InterContinental Miami

Strategic Hotels & Resorts, Inc. BEE today announced that it has closed an $85.0 million limited recourse loan secured by the InterContinental Miami hotel. This new financing replaces the $90.0 million in financing previously encumbering the property, with the differential to the previous loan amount funded on the Company's revolving credit facility. "The closing of this loan is another accomplishment in our strategic balance sheet restructuring plan, which includes the accelerated refinancing of the Company's hotel specific mortgage loan maturities," said Diane Morefield, Chief Financial Officer of Strategic Hotels & Resorts, Inc. "We are continuing our debt refinancing plan and will announce each mortgage loan execution at the time of closing."