Strategic Hotels & Resorts, Inc. Announces the Closing of a Ten-Year, $145 Million Loan

Strategic Hotels & Resorts, Inc. BEE today announced that it has closed a $145.0 million limited recourse loan secured by the InterContinental Chicago hotel. This new financing replaces the $121.0 million financing previously encumbering the property. This loan is the final debt refinancing as outlined in the Company's strategic balance sheet restructuring plan. Laurence Geller, Chief Executive Officer of Strategic Hotels & Resorts, Inc., commented "In 2010, the Company established a deliberate yet aggressive strategy to proactively accelerate the financing of both 2011 and 2012 maturities. Since that time, we proactively executed nine transactions totaling $1.6 billion that achieved consistently favorable terms, established ample liquidity and accomplished our stated goal of rebalancing our maturity schedule and loan type. Looking forward, Strategic Hotels - with its irreplaceable properties, stable balance sheet, net positive cash position and improving hotel performance - is exceptionally well positioned to deliver ongoing shareholder value."