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Blackstone offers to buy Strategic Hotels in US$6b deal

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Strategic Hotels & Resorts Inc, an owner of luxury lodging properties across the US, agreed to be bought by affiliates of Blackstone Group LP in a deal valued at US$6 billion including debt.

[NEW YORK] Strategic Hotels & Resorts Inc, an owner of luxury lodging properties across the US, agreed to be bought by affiliates of Blackstone Group LP in a deal valued at US$6 billion including debt.

Blackstone offered US$14.25 a share in cash, about 13 per cent more than the unaffected intraday trading price on July 23, when Bloomberg reported on a potential transaction for the Chicago- based company.

Strategic owns high-end properties including the Ritz- Carlton Half Moon Bay in California and Manhattan's Essex House.

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