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Hotel Del deal closes escrow

Strategic Hotels & Resorts (NYSE: BEE) reports it has completed the buyback of the 63.6 interest in the 757-room Hotel del Coronado from The Blackstone Group (NYSE: BX) for $210 million.

Blackstone had bailed out the storied hotel by taking the majority stake in 2011, after it was threatened with default on a roughly $600 million loan on the property.

The former majority owner garnered $450 million to refinance the hotel last year.

The hotel is projected to earn an incremental $19 million to $21 million of earnings before interest, taxes, depreciation and amortization (EBITDA) for the rest of 2014.

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Hotel del Coronado

Company Website

1500 Orange Ave.
Coronado, CA 92118

Hotel del Coronado Executive(s):

Donna Gonser

  • Manager

Bob Antes

  • Chief Financial Officer

Barry Brown

  • Director of Sales

Andre Zotoff

  • General Manager, Vice President