Strategic Sells Hyatt Regency New Orleans to Poydras
CHICAGO, IL, January 10, 2008. Strategic Hotels & Resorts, Inc. , announced today that the company closed on the previously announced agreement to sell the 1,184-room hotel Hyatt Regency New Orleans to Poydras Properties Hotel Holdings Co., LLC, effective December 28, 2007. Under the terms of the agreement, Strategic Hotels & Resorts sold the property to Poydras Properties Hotel Holdings for a sales price of $32 million. The sales price was composed of $23 million in cash, a $6 million 10% interest bearing promissory note due March 31, 2008 and a $3 million non-interest bearing promissory due in 6 years.
In connection with the closing, the company resolved business interruption insurance and other issues related to Hurricane Katrina with the property's manager, Global Hyatt Corporation.
This press release contains forward-looking statements about Strategic Hotels & Resorts (the "Company"). Except for historical information, the matters discussed in this press release are forward-looking statements subject to certain risks and uncertainties. Actual results could differ materially from the Company's projections. Factors that may contribute to these differences include, but are not limited to the following: ability of the buyer to service its debt obligations; availability of capital; ability to obtain or refinance debt; rising interest rates; and economic conditions generally and in the real estate market specifically.
Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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 
