Strategic Hotels Explores Possible Sale
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BEE’s portfolio includes both urban and resort properties, including theHOTEL DEL CORONADO
in San Diego.
CHICAGO—Strategic Hotels & Resorts Inc. said Monday that it was exploring strategic alternatives for the company, including a possible sale. The lodging REIT, whichTRADES ON the New York Stock Exchange as BEE, has retained J.P. Morgan as financial advisor.
The announcement confirms a report inBLOOMBERGBusiness last month that quoted sources said to be familiar with the matter. The sources said that eBay Inc. founderPierre Omidyar, who controls development companyOhana Real Estate Investors, was among those interested in acquiring BEE.
More recently, Seattle-based Cascade Investment LLC, controlled by Bill Gates, said in an SEC filing Monday that it had increased its ownership of BEE to 9.8%. Cascade, BEE’s second-largest shareholder afterVanguard Group, also said in the SEC filing that it had entered into a confidentiality and standstill agreement with BEE providing, among other things, for “the sharing of certain non-public information.”…
