Strategic Hotels Provides Update Regarding the Hotel Del Coronado
January 10, 2011 - Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced that the partnership that owns the Hotel del Coronado has received an extension on the loan maturity date associated with the hotel.
Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced that the partnership that owns the Hotel del Coronado has received an extension on the loan maturity date associated with the hotel. The maturity date has been extended to February 9, 2011. Strategic Hotels owns a 45 percent interest in the partnership with affiliates of Kohlberg Kravis Roberts & Co. and KSL Resorts.
The extension will allow all parties to continue negotiations toward a viable long-term restructuring; however, no assurances can be made that such a restructuring may be achieved.
Laurence Geller, Chief Executive Officer of Strategic Hotels, said: "We remain optimistic that we will be successful in restructuring the debt. All constituents are working together to achieve the best possible outcome for this iconic asset. These negotiations in no way affect the operations at our hotel, where our exceptional staff remains wholly focused on providing an unforgettable luxury experience to all our guests."
About the Company
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The company currently has ownership interests in 16 properties with an aggregate of 7,630 rooms.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
