Strategic Capital Acquires La Solana Hotel for $29+ mil
Site Adjacent to its Four Seasons Punta Mita Hotel
CHICAGO, IL, March 10, 2006. Strategic Hotel Capital, Inc. , which operates as Strategic Hotels and Resorts, today announced the completion of the acquisition of the La Solana Hotel and Villas development site in Nayarit, Mexico, immediately adjacent to its existing Four Seasons Punta Mita Hotel, for an aggregate purchase price of $29.5 million. The purchase includes fee simple interest in 20.5 acres under planning for approximately 70 hillside hotel suites, spa, restaurant, pool and retail with direct Pacific Ocean views. As part of the purchase, the company obtained the exclusive rights to build approximately 55 for sale residences on an additional 27.0 adjacent acres.
Laurence Geller, chairman and chief executive officer of Strategic Hotels and Resorts, said, "This dramatic and spectacular hillside site provides us with a unique opportunity to build upon our experience in the market and the unquestioned success of our Four Seasons Punta Mita Resort. The combination of sophisticated luxury at this new property, our existing Four Seasons Resort, high-end retailing, luxury residential homes for sale and fractional ownership further positions Punta Mita to be amongst the most sought after of North American luxury resorts with our two properties clearly dominant in that market." Geller continued, "Our planning schedule currently calls for the hotel to be in service for the 2009 season."
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