Strategic Closes on Del Coronado Deal
SAN DIEGO, CA, January 10, 2006. Strategic Hotel Capital, Inc., which operates as Strategic Hotels & Resorts, has closed on the previously announced agreement to acquire a 45% joint venture ownership interest in the Hotel del Coronado in San Diego.
An affiliate of Kohlberg Kravis Roberts & Co. holds 41% and KSL Resorts holds the remaining 14% of the joint venture. The agreed upon market value of the new joint venture was $745 million, of which Strategic's total equity investment was approximately $70 million.
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