Strategic Hotels & Resorts Announces Closing of a Seven-Year, $110 Million Loan Secured

Strategic Hotels & Resorts, Inc. BEE today announced that it has closed a $110.0 million limited recourse loan secured by the Loews Santa Monica Beach Hotel. This new financing replaces the $118.3 million in financing previously encumbering the property, with the differential to the previous loan amount funded on the Company's revolving credit facility.