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.
1500 Orange Ave.
Coronado, CA 92118