Strategic to Sell Hilton Burbank Airport for $125 mil
CHICAGO, IL, August 24, 2006. Strategic Hotels & Resorts, Inc. (NYSE:BEE) today announced that the company has signed an agreement with Pyramid Hotel Opportunity Venture II LLC, to sell the Hilton Burbank Airport in Burbank, California, for $125 million, or $256,000 per room.
The 488-room property was projected to contribute approximately $10.1 million in EBITDA in 2006, resulting in a 12.4x EBITDA multiple on the sale. The transaction, subject to customary closing conditions, is anticipated to close in September 2006.
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and asset manages high-end hotels and resorts. The company has ownership interests in 19 properties with an aggregate of 9,607 rooms.
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