Strategic Hotel Capital, Inc. Announces Agreement to Sell The Embassy Suites Lake Buena Vista Resort
CHICAGO, IL, August 30, 2005. Strategic Hotel Capital, Inc. today announced that the company has entered into an agreement to sell The Embassy Suites Lake Buena Vista Resort to HEI Hospitality for approximately $56.4 million, or $169,520 per room.
The transaction aligns with the company's strategy to dispose of non-core assets, and subject to customary closing conditions, is anticipated to close during the fourth quarter. The 333-room property contributed $4.5 million of EBITDA on a trailing twelve-month basis.
This press release contains forward-looking statements about Strategic Hotel Capital, Inc. (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 to dispose of existing properties in a manner consistent with our investment strategy; availability of capital; rising interest rates; ability to obtain or refinance debt; cash available for capital expenditures; competition; demand for hotel rooms in our current and proposed market areas; economic conditions generally and in the real estate market specifically; risks related to natural disasters; the effect of threats of terrorism and increased security precautions on travel patterns and hotel bookings; the outbreak of hostilities and international political instability; legislative or regulatory changes, including changes to laws governing the taxation of REITs; and changes in generally accepted accounting principles, policies and guidelines applicable to REITs
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