Strategic Hotels & Resorts Completes $590M Recapitalization of the Hotel Del Coronado

Strategic Hotels & Resorts, Inc. BEE today announced that the company has closed a definitive agreement to recapitalize the joint venture that owns the Hotel del Coronado. Under the terms of the transaction, a new joint venture has been established between the Company, Blackstone Real Estate Advisors and KSL Resorts to invest cash in the asset and to convert a portion of the existing debt into equity. The recapitalization transaction values the hotel at approximately $590 million. As part of the recapitalization, Deutsche Bank originated $425 million in debt financing.