Strategic Hotels & Resorts Announces Closing of a Five-Year, $130 Million Loan Secured by the Four Seasons Washington, D.C.

Strategic Hotels & Resorts, Inc. BEE today announced that it has closed a $130.0 million limited recourse loan secured by the Four Seasons Washington, D.C. hotel. The property was previously collateral for the Company's revolving credit facility. "Encumbering this property with single-asset financing efficiently raises significant proceeds while accomplishing our objective of staggering debt maturities," said Diane Morefield, Chief Financial Officer of Strategic Hotels & Resorts, Inc. "This transaction is among the final refinancings included in our overall balance sheet restructuring strategy, which we have been diligently executing against since 2010. The last remaining asset-specific refinancing will be announced once closed."